Bahrain, US sign deal to establish commercial zone

Bahrain, US sign deal to establish commercial zone
The volume of merchandise traded between the US and Bahrain reached $2.45 million in 2019, with an additional $1.5 billion in services. (Reuters/File)
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Updated 14 January 2021

Bahrain, US sign deal to establish commercial zone

Bahrain, US sign deal to establish commercial zone
  • The US and Bahrain will promote the zone as a regional hub for trade, manufacturing, logistics, and distribution among American companies in Bahrain, the GCC, and beyond

DUBAI: The Bahraini Ministry of Industry, Commerce, and Tourism and the US Department of Commerce on Tuesday signed a memorandum of understanding (MoU) to promote bilateral business by establishing an American trade zone in Bahrain.

The new zone is aimed at boosting economic, commercial, and industrial cooperation between the two countries, the Bahrain News Agency (BNA) reported.

Under the terms of the MoU, the US and Bahrain will promote the zone as a regional hub for trade, manufacturing, logistics, and distribution among American companies in Bahrain, the GCC, and beyond.

The inking of the MoU will further reinforce the partnership between the two nations, which have a long history of solid economic and security cooperation.

The volume of merchandise traded between the US and Bahrain reached $2.45 million in 2019, with an additional $1.5 billion in services, according to 2020 statistics.

Bahraini Minister of Industry, Commerce, and Tourism Zayed bin Rashid Al-Zayani, said: “The availability of economic opportunities in our region is an ideal opportunity for American companies to invest and expand their business by establishing the US trade zone in Bahrain.”

He noted that the deal would usher in wider horizons for strengthening joint trade relations, in accordance with the advantages of a free trade agreement between the two countries.

US Secretary of Commerce Wilbur Ross highlighted the importance of Bahrain as a strategic and commercial partner of the US and said that the platform would maintain stability and ensure the progress of American trade in the Gulf region.

“The signing of this MoU comes to reinforce this common commitment and the close relationship between the two countries,” he added.


China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
Updated 1 min 41 sec ago

China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.
China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday.
In 2019, the United States had received $251 billion in inflows and China received $140 billion.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.
China’s gross domestic product grew 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.
Overall, global FDI had collapsed in 2020, falling by 42% to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.
“FDI finished 2020 more than 30% below the trough after the global financial crisis in 2009,” the UNCTAD said on Sunday.
FDI flows fell by 37% in Latin American and the Caribbean, by 18% in Africa, and by 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.