Economic and trade relations between China and Bahrain will further strengthen in traditional areas, supported by the Belt and Road Initiative and the China-Arab Expo, and will strengthen Bahrain’s economic and trade relations, according to academics and government officials. This will lead to a broader outlook. Emerging region.
Wang Shoujun, dean of the Belt and Road Department at Beijing Normal University, said: “China and Bahrain have made remarkable progress in political mutual trust and share a vision of common growth. In addition, the international situation is becoming increasingly complex and uncertain. Despite stabilization, they are still new growth areas to develop.”
China and Bahrain step up efforts towards implementing the United Nations’ 2030 Agenda for Sustainable Development, strengthen cooperation in mutually beneficial areas such as manufacturing, transportation and energy projects, and expand economic cooperation said Bahrain researcher Nie Pingshan. China Institute for International Trade and Economic Cooperation, based in Beijing.
Beyond the traditional focus on trade and investment, mainly centered around energy and natural resource-related sectors, Nee said new initiatives are expanding into broader areas such as the green economy, 5G technology, artificial intelligence, big data and aviation. He said it would extend to.
According to data from the China General Administration of Customs, trade volume between China and Bahrain reached $1.2 billion in 2022, an increase of 13.9% from the previous year.
China mainly ships construction equipment, new energy buses and cars, ships, manufacturing equipment, steel, textiles, furniture, computers, smartphones, clothing and home appliances to the West Asian island nation in the Persian Gulf. In addition to petroleum products and natural gas, Bahrain’s exports to China include aluminum bullion, chemical products, machinery and equipment, and spices.
Mohamed Ghassan Mohamed Adnan Shaikoh, Bahrain’s Ambassador to China, said that over the years, as Bahrain has diversified its trade, it has signed numerous agreements with China to strengthen partnership and cooperation in all fields. He said that a protocol and a memorandum of understanding were signed.
“Currently, oil accounts for less than 20% of GDP, and more than 80% is in non-oil industries,” he said.
“Thanks to Bahrain’s efforts to streamline commercial procedures to enhance the kingdom’s attractiveness, the country is now one of the region’s most valuable operating businesses, with a competitive tax system and a highly skilled and bilingual local workforce. We are proud of our cost.”
Following stable economic growth in 2022, the Bahrain government announced in July a series of measures to create more job opportunities for its people, increase the private sector’s contribution to the country’s economic growth, and encourage domestic and foreign investment. Adopted a three-year national labor market plan. Align educational outcomes with labor market needs and strengthen existing regulatory frameworks.
Chinese automaker Zhejiang Geely Holding Group last year signed a cooperation agreement with First Motors, a subsidiary of Bahrain’s Al Zayani Investments Group, with the latter becoming the designated dealer for Geely automobile products in the country, Economic and Commercial Affairs reported. According to information released by the Bureau, the Chinese Embassy in Bahrain.
In addition, Zayani Motors, another subsidiary of Al Zayani Investment Group, has partnered with Hongqi, the luxury brand of FAW Group, a state-owned car manufacturer based in Changchun, Jilin Province, to develop the Hongqi brand in Bahrain. sells vehicles.
In recent years, an increasing number of Chinese companies have expanded their market presence in Arab countries such as Bahrain, Saudi Arabia, and Qatar, and Zheng Jianbang, vice chairman of the Standing Committee of the 14th National People’s Congress, said that China will cooperate with Arab countries. He said he was ready. We will build a strategic energy partnership featuring mutual benefits and long-term friendship, and explore the possibility of RMB settlement for oil and gas trade.
Zheng said that China will further promote the “oil and gas plus” cooperation model, expand oil and gas cooperation in upstream oilfield development, engineering services, storage, transportation and refining, and as part of this, develop oil and gas cooperation with Arab countries. He said he would promote low-carbon and green cooperation. Initiatives to maintain the safety and stability of the global energy supply chain.