(Yicai) Nov. 13 -- Talks between China and the Gulf Cooperation Council on the China-GCC Free Trade Agreement were very successful, and both sides agreed to complete the negotiations as soon as possible, according to Bahrain’s industry and commerce minister, who is optimistic about an imminent deal.

“We talked about many different initiatives related to IP, the ICT sector, logistics, manufacturing, where there will be cooperation between the Chinese and Bahrain government, but also cooperation between the businesses in Bahrain and in China on all aspects including investment,” Abdulla Adel Fakhro told Yicai in a recent interview. 

“We feel like there is more to do, and there are more opportunities to collaborate on the bilateral trade side,” he added.

Fakhro was in the southern Chinese city of Guangzhou to attend the China-GCC 6+1 Economic and Trade Ministers' meeting, his first visit to China after being appointed to his post last November. Fakhro said he hopes Chinese advanced manufacturing firms will invest in Bahrain.

During his visit, Fakhro met with many Chinese companies that want to do business in Bahrain, saying that he hopes to attract investment in communications, advanced manufacturing, and advanced logistics.

“ICT is a very important sector, China is a leader in technology and in telecommunications, and we want to benefit from that, and we want to benefit China from that," Fakhro said. “China again is a world leader in manufacturing, and we feel that there are opportunities for them to set up in Bahrain to serve the Middle East and North Africa.”

Bahrain has a strong infrastructure to support the arrival of Chinese logistics companies, according to Fakhro. "We fit very well in China's strategy of the Belt and Road Initiative," he pointed out.

Bahrain signed a memorandum of understanding with China regarding the BRI in September 2018, signalling the island nation’s interest and willingness to participate and fostering cooperation in sectors such as infrastructure, trade, and economic development between the two countries.

There are many advantages to investing in Bahrain, Fakhro noted, the most significant being the low cost, from housing rents to living expenses, which are 30 percent to 50 percent lower than in the major cities of the Gulf region. The country has a great geographical advantage in the area and is only a 30-minute drive from Saudi Arabia, the region’s largest economy, he added, noting that it also has free trade deals with over 22 countries worldwide.

Gulf Air, Bahrain's national airline, will launch direct flights from Bahrain to Shanghai and Guangzhou from January, Fakhro revealed. 

China was Bahrain's top source of imports from 2012 to 2020 and again last year, while ranking second in 2021, according to data on the Chinese foreign ministry’s website. Trade between the two exceeded USD2 billion in 2022, up 14 percent on the previous year.

Editor: Martin Kadiev