Bahrain - A free trade agreement between the GCC and the UK, currently being negotiated, will contribute to strengthening relations and economic growth by promoting trade in goods, services and other areas that benefit the public and private sectors of both parties.

This was highlighted by Industry and Commerce Minister Zayed Alzayani yesterday during his keynote address in a luncheon organised by the Bahrain British Business Forum (BBBF).

Noting that the UK has been a major investment partner on a global scale for more than 200 years, he said trade volume between the two countries has seen remarkable growth across various sectors.

The minister also discussed Bahrain’s post-pandemic economic recovery plan, which aims to enhance the kingdom’s long-term economic competitiveness, while achieving sustainability goals, which are based on several axes that include: labour market and regulatory reform, strategic projects, fiscal balance programme and priority sector development plan.

Mr Alzayani also talked about the new 10-year golden residency visa which provides expatriates and foreign investors with the opportunity to stay in the country permanently, elaborating on the positive impact this step has on attracting more investments and other positive outcomes on the economic sector.

During his address, the minister also referred to Sijilat 3.0, the upgraded version of the business licensing system, which is now fully connected to all electronic systems of the relevant government entities.

Held at the Diplomat Radisson Blu Hotel, Residence and Spa, the event also saw attendance from British Ambassador Roderick Drummond, BBBF chairman Khalid Alzayani and a number of key officials and stakeholders.

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