Chairman of the Arab Union for Trade Facilitation: The Bahraini-Russian Summit is an Opportunity to Strengthen Economic Relations between the Two Countries

President of the Arab Union for Trade Facilitation.. Representative Al-Saloum:

The volume of inter-investment increased strongly following the historic visits of His Majesty the King

Bahraini tourism to Russia has increased 6 times...and trade exchange remains weak

Russia is a giant "economic power" and we must benefit from its industrial and technical development

The volume of inter-investment increased strongly following the historic visits of His Majesty the King

Bahraini tourism to Russia has increased 6 times...and trade exchange remains weak

Russia is a giant "economic power" and we must benefit from its industrial and technical development

The Chairman of the Arab Union for Trade Facilitation and Risk Management, Chairman of the Bahrain Society for Small and Medium Enterprises Development, His Excellency MP Ahmed Sabah Al-Saloum, stressed that the Bahraini-Russian summit between His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, may God protect him and grant him long life, and His Excellency Russian President Vladimir Putin reflects the importance of strengthening the economic and trade partnership between the two friendly countries in various fields, and developing joint cooperation to broader horizons in the near future.

MP Al-Saloum said that bilateral relations between the Kingdom of Bahrain and the Russian Federation are progressing in an upward direction in all areas, especially after the two historic visits of His Majesty King Hamad bin Isa Al Khalifa, the King of the country, where His Majesty's first visit was in 2008, followed by a visit in 2014, which pushed trade relations towards further openness and progress.

Al-Saloum explained that mutual investments occupy a large part of the relations between the two countries following the historic visits of His Majesty the King, may God protect him and grant him peace. In 2014, the Russian Direct Investment Fund concluded a 10-year cooperation agreement with Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain.

During these years, the Mumtalakat Fund invested about $250 million in 20 Russian projects in economic sectors such as retail, commercial real estate, mining, and logistics.

Regarding bilateral trade, the volume of trade exchange between Russia and Bahrain in 2022 amounted to nearly $18.1 million, according to Russian customs data.

The trade balance is in Moscow's favor, with Russian exports to the Kingdom of Bahrain amounting to $13 million, compared to imports worth $5.1 million. The most prominent Russian exports are meat products (27.6%), rolled pipes and tubes (23.9%), petroleum products (13.9%), and coal (9.7%).

Bahrain's most prominent exports to Russia included chemical products (48.4%), rolled aluminum (17.7%), perfumes (13.4%), and plastic products (10.5%). Reports also showed that tourism between Russia and the Kingdom of Bahrain increased by about 6 times in 2022.

Al-Saloum stressed that Russia is a giant "economic power" in every sense of the word, especially in the industrial, agricultural and mining sectors, and that its amazing technological development can be greatly benefited from in supporting technical and heavy industries in Arab countries. He said that it is also active in small and medium-sized companies and the entrepreneurship sector, which has witnessed an unprecedented boom in recent years, and we have witnessed this through continuous communication with them and learning about the business incubator sector in Russia.

It has also recently been very active in the “Halal Products” sector, which was reflected in the organization of the “Expo Halal Russia” exhibition, which was organized by Russian food companies operating in this field, and aims to develop the brands of local producers of halal products and services, develop Russian international relations, and attract foreign investments to the Russian halal sector.