The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, and the Bahrain Chamber of Commerce and Industry (BCCI) have renewed an agreement to establish cooperation and friendship ties with the aim of promoting mutually advantageous commercial and industrial interests.
The agreement’s objective is to establish a general cooperation framework between the two chambers that will promote bilateral economic relations.
Under the framework, both chambers agreed to exchange regularly market information, business opportunities and economic delegations for promoting trade, investment and commercial exchange and also to expand cooperation among entrepreneurs and organizations in terms of their membership.
The agreement was signed during a visit by the BCCI delegation at the PCCI office in McKinley Hill, Taguig City.
Signatories were Benjamin Loong, PCCI board director, and were Mohammed Sajid Ishar Uthag, vice-treasurer of BCCI and head of the Bahrain delegation.
Signing was witnesses were Ambassador Amable R. Aguiluz V, chairman of the Philippines-Bahrain Business Council, and Shaikh Duaij bin Isa Al Khalifa, chairman of the Asean Manama Society.
At the signing ceremony were Ambassador to Manama Alfonso A. Ver, Marilou R. Romero, Philippines-Saudi Business Council, officials of the Department of Foreign Affairs and Bahrain Consulate officers.
The BCCI said Bahrain is trying to increase its economic ties with ASEAN and is ready to discuss with the PCCI joint ventures in medical, engineering, tourism and information technology sectors.
PCCI Diretor Loong thanked the BCCI and the Department of Foreign Affairs for visiting the PCCI office and renewing the PCCI-BCCI cooperation agreement. Both chambers will formally convene the joint business council to tackle a common work plan.
Meeting with the Philippine Retail Association, the Bahranis commended the Philippines’ high-quality, export goods and the availability of its qualified and trained human resources.
The Bahraini side looked forward to organizing a Gulf- Pilipino Exhibition in Bahrain in March 2017.
Bahrain, a financial hub in the Middle East, allows eligible foreign investors full ownership to more than 98 business activities in addition to the free taxes.
There are more than 60,000 Filipinos who live in Bahrain and another 350,000 in the eastern provinces of Saudi Arabia and Bahrain. – end-