Bahrain and Belgium have a long history of trade and commerce and in recent years the links between two sides have strengthened. In the last five years, the value of bilateral trade has grown by more than a tenth – with imports and exports covering everything from diamonds and pearls, to plastics and petroleum, a senior government official said yesterday.
Shaikh Mohammed bin Essa Al Khalifa, CEO of the EDB, in his remarks at a banquet held in honour of Crown Prince Philippe of Belgium, Duke of Brabant and his delegation, said: “Both sides have signed a treaty on double taxation avoidance between our two nations, a steps seen as vital for both parties as there are currently more than 130 Belgian companies based in the Kingdom.
“I am a strong believer in the benefits of international trade, on economic and commercial levels of course, but also on cultural, political and social levels. That is why I am also looking forward to the ratification of the free trade agreements between our respective alliances – the Gulf Cooperation Council, and the European Union. The importance of a shared vision for increased cooperation between our regions can not be underestimated.
“European investors are increasingly playing a key role in foreign direct investment in Bahrain, as our regional returns continue to outpace other global markets. This month’s UNCTAD World Investment Report showed FDI increases of 44 per cent across the whole West Asia region, with continued growth forecast. Bahrain’s FDI inflows among the top five in the region and at levels almost triple those in the 2006 report.
“We are delighted with the upswing, and see huge remaining opportunities for growth, for ourselves as a nation and for any company or individuals looking to invest with us. We believe we have a lot to offer as a nation. Our strategic position and outstanding regional land, air and sea links. Our open economy and ‘can-do’ approach to business. We have the lowest tax regime in the region, at zero per cent with no corporation tax. No personal income tax. No wealth taxes or tax on capital gains. No withholding taxes, no duties or inheritance tax and no restriction on repatriation of capital, profits or dividends.
“We have identified a number of industry sectors ripe for future growth, and offering clear investment opportunities. Sectors like finance. We have been the financial capital of the Middle East for more than three decades, and continue to develop and expand,” he said.
Last update on: 5-11-2007