MANAMA - Bilateral trade between Bahrain and South Korea saw double-digit growth to $800 million in 2018, the East Asian country’s Ambassador to Bahrain Koo Hyun-mo has said.

Speaking on the sidelines of the third Bahrain-Korea Business Forum at the Wyndham Grand Manama yesterday, Mr Hyun-mo said Bahrain’s exports to South Korea mainly comprised naphtha and aluminium, whereas Korean exports to Bahrain were primarily cars, cables and steel.

Organised by the Bahrain Chamber of Commerce and Industry (BCCI) and the Korea Chamber of Commerce and Industry (KCCI), the forum was in line with the visions of the leaderships of both countries and the recent high-level exchange of visits between Korean and Bahraini businessmen to deepen bilateral and economic relations.

A delegation of Korean businessmen from sectors such as chemical, banking, financial technology, healthcare, pharmaceutical, hospitals, medical equipment, agricultural technology, food and beverages, manufacturing and materials and logistical services, took part in the forum and met their counterparts from Bahrain.

In his opening remarks, BCCI chairman Sameer Nass said over 43 years of bilateral relations between the two countries have been reinforced by numerous and regular state visits by high ranking officials.

“Since then, our countries have signed three agreements and 12 memoranda of agreement. Trade between our nations has also continued to grow. There are countless investment opportunities, and considering the changing global economy, the forum aims to bolster co-operation and encourage joint investment in promising sectors,” he added.

According to him, Bahrain is particularly encouraging trade and investment in joint sectors such as manufacturing, banking and fintech, transportation and logistics, information and communication technology as well as health and medical equipment.

Mr Nass said he was hopeful that new avenues would open up as a result of the forum leading to an expansion in existing levels of economic co-operation.

 

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