Al-Falih stated that the Kingdom of Saudi Arabia seeks to boost the volume of trade exchange with Bahrain to meet the aspirations of the leaderships and the two brotherly peoples. He noted that Bahraini investments in Saudi Arabia have grown by 6%, reflecting the strength of the growing economic cooperation between the two countries.
Al-Falih emphasized the importance of achieving economic integration between Saudi Arabia and Bahrain, particularly in vital areas such as tourism and food security. He stressed that the economies of both countries should form an integrated unit that supports sustainable growth for both, highlighting the necessity for coordination in logistical and customs procedures between the two kingdoms.
On his part, Chairman of the Bahrain Chamber of Commerce and Industry and head of the Bahraini side in the Saudi-Bahraini Business Council, Sameer Nass, expressed the Bahraini private sector's eagerness to enhance cooperation and support from their Saudi counterparts in providing construction materials for Bahrain, which would be pursued through discussions on establishing a specialized Bahraini-Saudi company, as well as creating a dedicated maritime dock between the two countries to facilitate these operations.
He confirmed that this company could play a significant role in supporting the national economy of both kingdoms by providing essential construction materials for major projects, thereby enhancing economic partnership and aiding the efficient and rapid execution of developmental projects.
Nass stated that the meeting of the Business Council represents a valuable opportunity to exchange viewpoints and discuss the council's agenda, contributing to strengthening the path of joint cooperation and enhancing the developmental capabilities of both countries. Nass reiterated that this collaboration aims to support joint initiatives and projects that contribute to achieving integration and prosperity for both brotherly nations, especially given the complex challenges facing our region and the world today. He pointed out that these circumstances necessitate the integration of efforts at all levels, particularly in the economic field, due to its significant role in achieving the well-being of peoples and enhancing stability and growth in the region.
He clarified that Saudi Arabia achieved the highest volume of trade exchange with Bahrain in the second quarter of 2024, with trade between the two countries reaching $868 million. He added, "Saudi Arabia maintained its position as the largest market for Bahraini goods exports in the second quarter of 2024, with the total value of exports to the Kingdom amounting to $657 million. Iron ores and their concentrates topped the list of Bahraini exports to Saudi Arabia, valued at $133 million, representing 20% of total exports to the Kingdom."
For his part, head of the Saudi side in the Saudi-Bahraini Business Council, Abdulrahman bin Saleh Al-Otaishan, affirmed that Saudi Arabia seeks to enhance its economic relations with Bahrain, benefiting from the available integration opportunities in the Kingdom's Vision 2030 and Bahraini development priorities through diverse investments across promising sectors, particularly the tourism sector.
He pointed to the positive trajectory of relations between Saudi Arabia and Bahrain, which led to the establishment of a specialized investment fund in Bahrain aimed at injecting investments of up to $5 billion in various economic fields. He added that the private sector in both countries plays a vital role in increasing the pace of economic cooperation through mutual visits, investment forums, and periodic business gatherings, in addition to encouraging entrepreneurs to invest in available opportunities and turn them into tangible partnerships.
He stressed that the economies of Saudi Arabia and Bahrain have many opportunities and capabilities that the council seeks to leverage through initiatives and programs that translate into growing partnerships between the business communities of both countries.
Moreover, First Vice Chairman of the Bahrain Chamber of Commerce and Industry, Khalid Mohammed Najibi, confirmed that this meeting represents an important opportunity to enhance communication between the business communities of both countries and strengthen trade and investment relations. He noted that the meeting is an opportunity to exchange ideas and experiences, contributing to achieving higher levels of joint cooperation and opening new horizons for economic relations between Saudi Arabia and Bahrain.
Najibi added that enhancing cooperation between the private sectors in Bahrain and Saudi Arabia aligns with the strategic visions of both countries and enhances opportunities for sustainable economic development, clarifying that the meeting highlights promising sectors and investment projects that contribute to supporting the national economy. He emphasized the importance of continuity in joint meetings to keep pace with global economic developments and explore new opportunities for economic integration that serve the interests of both brotherly countries.
AE