West Midlands firms courted for Bahrain

WEST Midlands businesses looking growth are being courted by economic development leaders in Bahrain.

Opportunities exist for firms operating in both the manufacturing and service sectors, Shaikh Mohammed bin Essa Al-Khalifa told the region’s business leaders.

Shaikh Mohammed, chief executive of the Bahrain Economic Development Board (EDB), headed a delegation of 12 companies from the Kingdom’s thriving private sector to Birmingham with the aim of attracting new business.

He said Bahrain’s strategic location at the heart of the trillion dollar Gulf market offered firm a unique gateway to the Middle East.

“We can come with two main messages – to demonstrate the economic opportunities available in Bahrain and to quell fears about any concerns over the political situation,” he said.

“We have a trillion dollar marketplace that is expected to double in the next decade. We are building up our infrastructure and want to move away from an economy based around digging holes in the ground to one more sustainable.

“There is therefore a wealth of opportunities available. The improvements to infrastructure mean civil engineering and construction contracts are available but equally, we want to build our industrial base so engineering growth is offered along with opportunities in schools, healthcare and even consumer goods.”

He said there had been concerns raised about the political tensions currently existing in the Gulf, however, he said these were not as great as had been expected.

“Firms will be moving into a new market and there are always risks associated with that, however, we believe the potential rewards far outweigh the risks,” he said.

In addition to the EDB presentations, more than 30 firms from the region held one-on-one meetings with Bahraini companies to explore potential trade agreements.

The EDB’s visit to the UK was supported and coordinated with UK Trade & Investment (UKTI).

Bahrain’s economy grew throughout the global economic downturn and is forecasted to achieve approximately 2% growth for 2011.  It is fully diversified in a number of different sectors, with oil and gas accounting for 13% of GDP and manufacturing and financial services playing a particularly large role at 16% and 25% respectively.

Economic growth is being supported by enhanced government spending on targeted investment, including significant state project expenditure allocations of £1.9bn (BD1.105 bn) in 2011-2012 and the £6.4bn ($10bn) Gulf Development Programme, which will aid key developmental projects in priority sectors such as housing and infrastructure.

Deb Leary, chair of the Midlands World Trade Forum, said: “This event proved a great opportunity for West Midlands firms to find out more about Bahrain and the opportunities that exist to do business out there.

“This region is one of the few places they are visiting in the UK and the fact they brought 12 firms with them shows their intention to kick-start new partnerships and relationships. Our reputation for innovation in manufacturing, ICT and finance were all indicated as major points of interest by the Bahrain Economic Development Board.”

Pictured from left: Karen Mercer-West, Midlands World Trade Forum, Dr Essam Fakhro, Bahrain Chamber of Commerce, Shaikh Mohammed bin Essa Al-Khalifa, Bahrain Economic Development Board and Deb Leary, Midlands World Trade Forum.