This meeting is organized within the framework of the strong fraternal ties between the Kingdom of Bahrain and the Kingdom of Saudi Arabia, aiming to advance economic and commercial cooperation between the two countries toward broader horizons, in line with the ambitious development visions of both leaderships under Bahrain's Economic Vision 2030 and Saudi Arabia's Vision 2030.
In his opening speech, Minister Fakhro emphasized that this meeting reflects the depth of the historical relations between the two countries, stating that what unites Bahrain and Saudi Arabia transcends geographical boundaries, forming a unique model of political, economic, and social integration, led by His Majesty King Hamad bin Isa Al Khalifa and his brother, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.
He noted the significant developments in Bahrain’s investment environment, facilitated by streamlined procedures and an improved business landscape, making it an attractive destination for entrepreneurs and investors. He affirmed that the Joint Business Council is one of the most important institutional platforms enhancing this integration, especially in light of recent decisions, the most notable of which is treating Bahraini products the same as Saudi products in the Gulf market.
For his part, Ambassador Al-Sudairi expressed pride in the strong fraternal ties and shared history between the two kingdoms, noting that the aspirations of their leaderships place a shared responsibility on both sides to maximize the benefits from promising opportunities and elevate cooperation to the highest levels to achieve the aspirations of both peoples. He noted that the Bahrain-Saudi Business Council represents one of the arms of economic cooperation between the two countries.
During the opening session, Sameer Abdullah Nass, Chairman of the Bahrain Chamber of Commerce and Industry and the Bahraini side's representative in the Joint Business Council, asserted that this meeting reflects both sides' commitment to continue working towards building a strategic economic partnership. He added that Bahrain and Saudi Arabia are bound by not only by bilateral relations but an advanced integration model led by clear visions and direct directives from the leaderships of both countries.
Nass highlighted the pivotal role played by the Saudi-Bahraini Coordination Council, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, and His Royal Highness Prince Mohammed bin Salman Al Saud, Crown Prince and Prime Minister, affirming that the council is a strategic platform for implementing joint projects and initiatives that enhance integration across various fields.
He explained that Saudi Arabia has continued to be Bahrain's primary trade partner during the fourth quarter of 2024, with trade volume reaching $984 million, compared to $969 million during the same period in 2023, reflecting a 2% growth.
Nass added that in light of global economic challenges, there is an increasing need for more coordination and joint efforts to develop bilateral initiatives and projects that contribute to building a sustainable economic future based on innovation and integration.
He revealed the formation of several specialized sub-committees that will follow up on implementing initiatives, including the "Foundational Committee for the Saudi-Bahraini Construction Materials Company," which is expected to serve as a successful model for cooperation in a vital and strategic sector, along with the Industry Committee and the Logistics Committee.
Majed bin Mahil Al-Buqami, the Saudi side's representative in the Joint Saudi-Bahraini Business Council, stated that the meeting represents an important milestone in the economic relations between Saudi Arabia and Bahrain, embodying the commitment of both brotherly countries to continue working together to advance bilateral cooperation toward broader horizons.
He explained that the meeting forms a new link in the series of fruitful cooperation between the business communities of both countries, affirming that the prospects for Saudi-Bahraini economic cooperation are filled with promising potentials that require joint efforts to invest and employ them optimally to achieve the aspirations of both peoples.
Al-Buqami emphasized the importance of focusing on investment sectors with competitive advantages, expanding trade volume, and diversifying its areas through building strategic partnerships and exchanging information about available investment opportunities, in addition to sharing experiences between both sides across various economic sectors.
He reiterated the Saudi side's full readiness to provide all forms of support to enhance and expand joint cooperation, contributing to creating added value for the economies of both countries and boosting their competitiveness on both regional and international levels.
For his part, Khalid Mohammed Najibi, First Vice Chairman of the Bahrain Chamber of Commerce and Industry, stated that the Bahraini-Saudi relations are deeply rooted in history and based on solid foundations of brotherhood and shared destiny. He affirmed that the bonds uniting the two brotherly countries in political, economic, and social aspects serve as a model for Gulf bilateral integration. He explained that the cooperation between the two wise leaderships, along with the support and care received by the private sector in both countries, forms a solid foundation for building strategic partnerships that serve shared developmental objectives and open broader horizons for sustainable economic growth.
Najibi noted that trade exchange between Bahrain and Saudi Arabia is one of the most prominent manifestations of this advanced cooperation, as Saudi Arabia represents Bahrain's main trading partner, reflecting the extent of economic interconnection and shared interests. He emphasized that this exchange is not limited to goods and services but also includes the exchange of expertise and investments across various vital sectors, stressing the importance of continued joint efforts to remove obstacles and develop the infrastructure supporting inter-trade, thereby enhancing the competitiveness of both economies and contributing to achieving the ambitious objectives of Bahrain and Saudi Arabia's Vision 2030.
During the eighth meeting of the Joint Bahrain-Saudi Business Council, members discussed ways to overcome challenges and obstacles that hinder the flow of trade and investment between the two brotherly countries, emphasizing the importance of activating strategic partnerships and implementing recommendations in practice to enhance trade exchange and open broader horizons for economic integration.
The attendees stressed the need for ongoing coordination between governmental bodies and the private sector, activating the role of joint committees in identifying challenges, and proposing practical solutions to enhance investment flows and support initiatives that achieve economic integration according to Bahrain's Vision 2030 and Saudi Arabia's Vision 2030.
AE