BAHRAIN EDB WELCOMES KOREAN CHAMBER OF COMMERCE & INDUSTRY BUSINESS DELEGATION TO BAHRAIN
– NEW INVESTMENT OPPORTUNITIES DISCUSSED AT THE KOREAN BAHRAIN BUSINESS FORUM –
Manama: A delegation from the Korean Chamber of Commerce & Industry (KCCI) arrived in Bahrain today for a two-day business forum jointly organised with the Bahrain Economic Development Board (EDB), the Bahrain Chamber of Commerce and Industry (BCCI) and the KCCI aimed at further strengthening the bilateral economic cooperation between the two countries. This visit follows a trip, last year, led by His Royal Highness, Prince Salman bin Hamad Al Khalifa, Crown Prince, First Deputy Prime Minister, and Chairman of the EDB.
The delegation is headed by Mr. Jeong Tae Hyun, CEO of AERIX Co. Ltd., and includes senior representatives from the KCCI and several leading South Korean companies from sectors including construction, manufacturing, retail and education.
Discussions will be led by senior officials at the Bahrain EDB, the Bahrain Chamber of Commerce and Industry, and Tamkeen, as well as remarks from the Korean Ambassador to Bahrain, H.E. Joonha Yu, and Research Fellow, Dr Kwon Hyung Lee, from the Korea Institute for International Economic Policy The delegation will also visit the Bahrain International Investment Park (BIIP) and the Bahrain Logistics Zone for presentations and business tours; along with attending various Business-to-Business meetings with relevant Korean and local companies in Bahrain, organized by the EDB.
H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: “Following a highly successful roadshow to South Korea last year, where a number of agreements were signed to further boost bilateral ties between our two countries, we are delighted to host the KCCI business delegation here today. We hope the Korea Bahrain Business Forum will provide a platform to ensure many more Korean companies can enjoy the opportunities available for investors in Bahrain, and the easy access from Bahrain to the Gulf’s growing $1.5 trillion market.”
Bahrain and Korea share a number of agreements including: an Agreement for the Avoidance of Double Taxation signed in 2012 to promote economic co-operation and joint investment; an MoU between the KCCI and the BCCI to promote mutually advantageous commercial and industrial interests; a partnership between the Korean firm LG CNS and the eGovernment of Bahrain to implement Bahrain’s Business Licensing Integrated System to simplify the process of establishing a business in the Kingdom, and; in 2012, the launch of the Bahrain Korean Friendship Society, established with the aims of strengthening friendly relations and understanding between the people of Bahrain and Korea.
A number of leading Korean companies including Woori Bank, Korea Exchange Bank, Hyundai Engineering and Construction, Hyundai Heavy Industries and Samsung Engineering are already located in Bahrain.
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com