Bahrain will host the Turkey-Bahrain Joint Economic Commission on Thursday in a bid to further enhance bilateral trade and investments between the two countries.
Treasury and Finance Minister Nureddin Nebati will attend the Foreign Economic Relations Board's (DEIK) Bahrain-Turkey business and investment roundtable during his visit to the country for the joint commission meeting, said Bilgün Gürkan, DEIK Turkey-Bahrain Business Council chairperson and chief representative officer of the Bank of Bahrain and Kuwait (BBK).
Stating that Turkish and Bahraini companies will come together at the meeting, Gürkan said that they will discuss strengthening economic relations between the two countries as well as carrying out trade with third countries together.
Noting that Bahrain's Minister for Industry, Commerce and Tourism Zayed bin Rashid al-Zayani will also attend the meeting, Gürkan said Bahrain ranks high in the Gulf region according to the World Bank's ease of doing business index and "attracts companies and investors from many parts of the world with its liberal trade regime."
"According to 2020 data, Bahrain, which has an export volume of $12 billion and an import volume of $15 billion, is one of the richest countries in the Gulf region with a per capita income of nearly $26.000 according to 2021 data," Gürkan added.
Gürkan also underlined that Bahrain's economy offers great business and investment opportunities to Turkish companies in the health, e-commerce, banking, machinery, food products, construction and furniture sectors, in addition to its developed banking sector and growing Fintech investments when compared to other countries in the Gulf region.
Touching upon the trade figures between the two countries, Gürkan stated that Turkey is a net exporter in its foreign trade with Bahrain, with the exception of 2014 and 2021.
Gürkan stated that the foreign trade volume reached $504 million in 2014 with the effect of imports but decreased to $333 million with a 63% decrease in imports the following year. "In 2018, Turkey's foreign trade volume with Bahrain reached its peak with $512 million, with exports increasing by 34% and reaching a record level of $322 million," she said.
Highlighting that Turkey's exports to Bahrain stood at $202 million in 2020 while imports from Bahrain stood at $178 million, Gürkan said that exports decreased by 14% to $173 million in 2021. Gürkan also said that imports increased by 103% to $361 million last year.
"Thus, Turkey had a foreign trade deficit of $187 million against Bahrain," she said, noting that on a product basis, the machinery, dairy products and eggs, and furniture sectors stand out in Turkey's exports to Bahrain.
"These sectors make up 25% of the exports to the country. Aluminum goods are the main product group in imports, and they cover 85% of the imports from the country," said Gürkan, adding that they aim to increase commercial relations between the two countries with the meeting.