Exports to Bahrain jumped 61% to S$129.9 million in 2008 from S$80.7 million in 2007
Bahrain was Singapore's 74th trading partner in 2008 with a total trade of S$470 million
Singapore, Tuesday, 7 July 2009 - Bahrain should be one of the top choices for Singapore companies to establish their presence, and serve as a starting point into the Middle East, said speakers at a Singapore Business Federation seminar today.
The seminar - "Bahrain- the Quality Location to Develop Your Middle East Business" - was held for local business community in conjunction with the visit of the Undersecretary for Industry Affairs of the Ministry of Industry and Commerce of the Kingdom of Bahrain, Mr. Osama Mohammed Arrayed. He was accompanied by Mr. Paddy Gallagher, Marketing Manager of Bahrain International Investment Park (BIIP) and Mr. Antony E Keenan, Business Development Manager of Bahrain Economic Development Board (BEDB) in Hong Kong. The event also had insightful presentations by BIIP and BEDB on the investment and business opportunities in the Kingdom of Bahrain. The seminar was attended by close to 60 representatives from a diversified range of industries including ICT, Manufacturing, Port, Engineering, and Oil and Gas.
Participants were briefed by the visiting delegation on the latest economic developments and overall market dynamics, as well as emerging industries and opportunities in the Kingdom of Bahrain. The visitors also pledged to support our local businessmen in establishing useful contacts in Bahrain.
Mr. Arrayed said, "Singapore companies can seek opportunities in Bahrain in sectors including tourism, healthcare, manufacturing and IT services. Last Thursday, the
government released 39 project ideas in a diverse range of areas including electronics, pharmaceuticals, aluminum downstream, and engineering for companies to consider. Bahrain looks up to Singapore as a growth model and looks forward to more opportunities with Singapore. There is certainly more room to increase the trade balance and business opportunities."
A highlight of the event was the experience sharing by Mr. K. K. Kuah, a Middle East Business Group (MEBG) member, who is Chairman and Chief Executive Officer of MTQ Corporation Limited, a Singapore listed company. MTQ is a leading engineering solutions provider specializing in the fabrication, repair and maintenance of oil field equipment.
Mr. Kuah said, "With the help of SBF, International Enterprise (IE) Singapore and
Bahrain Economic Development Board, MTQ found a suitable site in Bahrain to build a brand new oil field equipment repair and service facility to serve the Gulf Cooperation Council (GCC) region. The dealings we had with Bahrain have been mostly satisfactory, and its close proximity to the largest markets in the Gulf area is another big plus."
He also told those present that MTQ is now in the stage of finishing the design of their facility, and has engaged a Bahrain-based architect. He noted that he is impressed by Bahrain's quality local workforce as his business requires a stable group of skilled workers.
With globalization and increased competition, SBF, as an apex business chamber, has been proactively assisting Singapore companies to venture overseas to seek opportunities in new and emerging markets. The emerging markets in the Middle East have been one of the key focus areas of SBF.
SBF CEO Mr. Teng Theng Dar said during his welcome speech, "For those who are new to the Middle East market, accessing the region through gateways like Bahrain will help to lower market entry cost and shorten your learning as the ease of doing business in Bahrain surpasses many of its neighbours. On the economic front, bilateral trade was more than S$470 million in 2008, placing Bahrain as our 6th largest trading partner in Middle East. On the political front, Bahrain and Singapore are no strangers to each others; both countries have developed strong political ties over decades of friendship, with frequent visit by leaders of both sides."
Participants asked the panel, made up of Mr. Arrayed, Mr. Gallagher, Mr. Keenan, Mr. Kuah and Mr. Teng who moderated the discussion, on how badly affected Bahrain is by the current economic crisis given the diverse impact it has on the various GCC countries. Mr. Arrayed noted that Bahrain has dealt with the global recession in a good manner, and is not as badly hit by the crisis as the other GCC states as it has always maintained conservative growth over the year. However, his country is hit by the high oil prices and not so much the financial crisis.
Annex
Bilateral Trade between Singapore and Bahrain
1. Bahrain was Singapore's 74th trading partner in 2008 with a total trade of S$470 million, a nominal increase of 2% from 2007 (S$461 million).
2. Exports to Bahrain increased 61% from S$80.7 million in 2007 to S$129.9 million in 2008. This amount represents close to 27.60% of the total trade whilst imports from Bahrain decreased 10.4% to S$340.8 million in 2008 from S$380.27 million in 2007.
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