Two major business groups from the Philippines and Bahrain have renewed an agreement to establish cooperation and improve trade ties while promoting commercial and industrial interests.
Under an agreement signed last month, the Philippine Chamber of Commerce and Industry (PCCI) and the Bahrain Chamber of Commerce and Industry (BCCI) are expected to establish a general cooperation framework that will promote bilateral economic relations. Both chambers have also agreed to regularly exchange market information, business opportunities and economic delegations to promote trade, investment and commercial exchange as well as to expand cooperation among entrepreneurs and organizations.
In a statement Friday, the Philippines’ largest business group said it would soon formally convene a joint business council together with the BCCI to draft a common work plan.
Asean community
For its part, BCCI said Bahrain was trying to increase its economic ties with the Asean community. Through PCCI, it said it was ready to discuss with local businessmen a number of prospective joint ventures in different sectors including medical, engineering, tourism and information technology.
Meeting with the Philippine Retail Association, the Bahraini businessmen also commended the Philippines’ high quality export goods and the availability of qualified and trained human resources. The Bahrainis also disclosed they were looking forward to organizing a Gulf-Filipino Exhibition in Bahrain in March 2017.
Bahrain, a financial hub in the Middle East, allows eligible foreign investors full ownership to more than 98 business activities. It also grants investors zero taxes.
There are currently more than 60,000 Filipinos who live in Bahrain and another 350,000 in the eastern provinces of Saudi Arabia and nearby areas. —AMY R. REMO