21 June 2004
THE free trade agreement (FTA) with Bahrain is a major step forward for the USA to achieve the Middle East free trade area objective, the Charge d’Affaires at the US Embassy, Moli Williamson, has said.
She told a meeting of the founding members’ committee of the American Chamber of Commerce (AmCham) that FTA with Bahrain is seen as a model for other countries. “We are ultimately promoting FTAs with all the countries in the region. Bahrain, due to its reforms, openness and transparency, made it easy for the US government to make Bahrain the first country to have this major trade agreement with,” she said.
She said that Bahrain has emerged as one of the fastest growing economies in the region.
“I am proud to be part of the AmCham’s official launching ceremony in Bahrain. Due to its ongoing reforms and commitment to transparency and keenness of the leadership to modernise Bahrain’s economy are the few reasons which have had helped Bahrain to become the model state in the region,” she said, adding that the entire credit goes to the leadership for taking revolutionary steps.
“Bahrain’s reputation as the regional financial hub and the best regulatory framework coupled with commitment to transparency are the main attractive points for the US investor,” Moli Wlilliamson said, adding that Bahrain’s hard work and preparedness had helped to conclude the FTA negotiations in a record time. “The FTA will provide a broad spectrum of cooperation for the private sectors of both the countries as both sides are vying for partnerships in various sectors.
“The establishment of AmCham in Bahrain will help the business communities of both the countries to work closely and objectively especially in the wake of the ratification of the FTA,” the Minister of Commerce, Ali Saleh Al Saleh, said. He said that the request by AmCham to register it under the Ministry of Commerce would help to achieve the greater goals in business, trade and investment sectors.
Al Saleh, who was the chief guest at the launch of the AmCham’s founding members’ committee meeting, said that the formal registration of AmCham in Bahrain has opened a new chapter of progress and development between the business communities of both the sides.
“AmCham’s entry to the Arabian Gulf came at a very significant time – the business is booming, the landscape of the entire Gulf region looks bright and both the governments are in final stages to implement the FTA. This is reflective of the commitment of both the public and private sectors to enhance the scope of ties in all the vital sectors,” the minister said.
Referring to the economic and political reforms initiated by His Majesty the King, Hamad bin Isa Al Khalifa, the minister said that the massive reforms and commitment to adopt the best governance paved the way for closer cooperation, including the FTA, between the two countries. “HM the King also attended the G-8 summit at Georgia which is a clear reflection of the closer ties between the two sides.”
The minister urged the business community to come forward and join hands with the public sector to work collectively for better future and bright prospects. “We are the commercial ambassadors and we have to work closely in enhancing the trade, commercial and investment ties,” he said, adding that the existing volume of US investments in Bahrain will grow in future as Bahrain is a location of choice for foreign investors.
“We will continue to provide the best possible environment to attract more US investments. The public-private partnership is key to future cooperation and we hope that US business community will avail of this opportunity by participating in major development projects in Bahrain,” the minister said. “We have made great strides to achieve excellence in major areas as the Kingdom has successfully developed the multi-channel delivery systems providing congenial investment environment to all businesses. We have developed a state-of-the-art investors centre, located at the Seef Mall This premises offers all facilities and services under one roof,” he said.
“In line with the rapid growth of on-line services worldwide, Bahrain is already ahead of other GCC states in providing web-enabled on-line facilities. Our efforts to develop the best web-driven one-line facilities have received accolade at the global forum and Bahrain won the best web award,” the minister said.
Speaking on behalf of the AmCham founding members’ committee, Adel Al Saffar said that the opening of one of the biggest US private sector institutions would help to boost the business and economic ties.
THE free trade agreement (FTA) with Bahrain is a major step forward for the USA to achieve the Middle East free trade area objective, the Charge d’Affaires at the US Embassy, Moli Williamson, has said.
She told a meeting of the founding members’ committee of the American Chamber of Commerce (AmCham) that FTA with Bahrain is seen as a model for other countries. “We are ultimately promoting FTAs with all the countries in the region. Bahrain, due to its reforms, openness and transparency, made it easy for the US government to make Bahrain the first country to have this major trade agreement with,” she said.
She said that Bahrain has emerged as one of the fastest growing economies in the region.
“I am proud to be part of the AmCham’s official launching ceremony in Bahrain. Due to its ongoing reforms and commitment to transparency and keenness of the leadership to modernise Bahrain’s economy are the few reasons which have had helped Bahrain to become the model state in the region,” she said, adding that the entire credit goes to the leadership for taking revolutionary steps.
“Bahrain’s reputation as the regional financial hub and the best regulatory framework coupled with commitment to transparency are the main attractive points for the US investor,” Moli Wlilliamson said, adding that Bahrain’s hard work and preparedness had helped to conclude the FTA negotiations in a record time. “The FTA will provide a broad spectrum of cooperation for the private sectors of both the countries as both sides are vying for partnerships in various sectors.
“The establishment of AmCham in Bahrain will help the business communities of both the countries to work closely and objectively especially in the wake of the ratification of the FTA,” the Minister of Commerce, Ali Saleh Al Saleh, said. He said that the request by AmCham to register it under the Ministry of Commerce would help to achieve the greater goals in business, trade and investment sectors.
Al Saleh, who was the chief guest at the launch of the AmCham’s founding members’ committee meeting, said that the formal registration of AmCham in Bahrain has opened a new chapter of progress and development between the business communities of both the sides.
“AmCham’s entry to the Arabian Gulf came at a very significant time – the business is booming, the landscape of the entire Gulf region looks bright and both the governments are in final stages to implement the FTA. This is reflective of the commitment of both the public and private sectors to enhance the scope of ties in all the vital sectors,” the minister said.
Referring to the economic and political reforms initiated by His Majesty the King, Hamad bin Isa Al Khalifa, the minister said that the massive reforms and commitment to adopt the best governance paved the way for closer cooperation, including the FTA, between the two countries. “HM the King also attended the G-8 summit at Georgia which is a clear reflection of the closer ties between the two sides.”
The minister urged the business community to come forward and join hands with the public sector to work collectively for better future and bright prospects. “We are the commercial ambassadors and we have to work closely in enhancing the trade, commercial and investment ties,” he said, adding that the existing volume of US investments in Bahrain will grow in future as Bahrain is a location of choice for foreign investors.
“We will continue to provide the best possible environment to attract more US investments. The public-private partnership is key to future cooperation and we hope that US business community will avail of this opportunity by participating in major development projects in Bahrain,” the minister said. “We have made great strides to achieve excellence in major areas as the Kingdom has successfully developed the multi-channel delivery systems providing congenial investment environment to all businesses. We have developed a state-of-the-art investors centre, located at the Seef Mall This premises offers all facilities and services under one roof,” he said.
“In line with the rapid growth of on-line services worldwide, Bahrain is already ahead of other GCC states in providing web-enabled on-line facilities. Our efforts to develop the best web-driven one-line facilities have received accolade at the global forum and Bahrain won the best web award,” the minister said.
Speaking on behalf of the AmCham founding members’ committee, Adel Al Saffar said that the opening of one of the biggest US private sector institutions would help to boost the business and economic ties.
By Mehmood Rafique:
© Bahrain Tribune 2004
