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Wednesday, April 24, 2024

$10 billion trade deals signed with US companies

$10 billion trade deals signed with US companies
$10 billion trade deals signed with US companies

(Washington) – His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister welcomed a series of cross-sector trade agreements between the Bahraini and US companies valued at USD 10 billion.
The trade agreements in the fields of economy, trade, industry, oil and aviation were signed on the sidelines of His Royal Highness’ official visit to the United States, during a reception organised by the Bahrain Economic Development Board (EDB) in cooperation with the American Chamber of Commerce and the Bahrain American Business Council.
His Royal Highness confirmed that, under the leadership of His Majesty King Hamad bin Isa Al Khalifa, the Kingdom of Bahrain is constantly pursuing opportunities to advance bilateral trade ties in order to drive development and progress, while meeting the aspirations of Bahrain’s citizens.
His Royal Highness noted that the 10-year free trade agreement with the United States has served to strengthen Bahrain-US relations by increasing cooperation across a range of economic and commercial areas.
His Royal Highness highlighted that, as a result of Bahrain’s open and innovative business environment, over 200 American companies have chosen to operate in the Kingdom, noting in particular the recent announcement that Amazon Web Services (AWS) is due to open its first regional headquarters in Bahrain.
His Royal Highness went on to note that Bahrain’s development efforts are focused on creating positive opportunities for businesses by reshaping the role of the public sector from the main engine of the economy to a private sector regulator and partner. His Royal Highness concluded that the trade deals signed with US companies are consistent with Bahrain’s ambitions to strengthen key strategic sectors, including financial services, logistics, industrials, entrepreneurship, information technology and tourism.
Trade agreements and Memorandums of Understanding (MoUs) signed during the event included:
An agreement between the Bahrain Petroleum Company (BAPCO) and Technip FMC regarding the BAPCO Modernisation Programme, signed by Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil and Douglas Verdhart, CEO of Technip FMC.
An agreement between Alba and Bechtel regarding the Alba line 6 expansion project, which will result in Alba becoming the world’s largest single-site aluminium smelter was signed by Alba representative Tim Mori and Brendan P. Bechtel, Chairman and CEO of Bechtel Group Inc.
An MoU between Alba and General Electric (GE) regarding the implementation of the fourth gas turbine unit at Power Plant 5, signed by Alba representative Tim Mori and Todd Lamar Smith, Chief Financial Officer of International and Vice President at GE
An amendment to the textile trade protocol within the Bahrain-U.S. Free Trade Agreement, signed by Zayed bin Rashid Al Zayani, Minister of Industry, Commerce and Tourism, and by the Assistant US Trade Representative for Europe and the Middle East
An agreement between the Ministry of Industry, Commerce and Tourism and the Small Business Administration (SBA) to cooperate on small business growth initiatives, signed by the Minister of Industry, Commerce and Tourism and Linda McMahon, Administrator of the SBA
During the event, the agreement between Gulf Air and GE was welcomed by the Minister of Industry, Commerce and Tourism and Chairman of Gulf Air, and Karan Krishna Bhatia, Vice President and Senior Counsel at GE.
Also during the event, the first edition of the Bahrain-US Free Trade Agreement Award was presented by Khalid bin Rashid Al Zayani, Honorary President of the Bahrain American Business Council, and Koch Chuksi, Senior Vice President for Middle East and Turkey Affairs at the American Chamber of Commerce. The winners of the Free Trade Agreement Award were Alba and Mondelez.
Khalid Al Rumaihi, Chairman of the Bahrain Economic Development Board (EDB), delivered a speech in which he expressed his thanks and appreciation to His Royal Highness the Crown Prince for supporting the Award, which underscores Bahrain’s keenness to strengthen bilateral partnerships in the economic and commercial sectors. Al Rumaihi stressed the EDB’s commitment to continue its outreach programme aimed at familiarising international companies with the Kingdom’s business and legislative environment, which encourages growth.

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