Bahrain, Turkey to sign four agreements

The agreements on avoidance of double taxation, protection of investments, road and sea transportation and harmonising the customs tariffs are likely to be signed later this year, the ambassador told the Tribune.
She said that the Turkish Finance Minister, Kemal Unakitan, and his Bahraini counterpart Abdullah Hassan Saif would take up the matter at the 4th Joint Economic Commission meeting in Ankara in November.
"Both sides are committed to concluding the agreements at the earliest," the ambassador said, adding that the meeting between the two finance ministers reflected the close ties between the two countries.
The ambassador said that a road transportation agreement signed by Unakitan in Saudi Arabia last week would open new vistas of co-operation and development between Bahrain and Turkey. "Now importers and exporters will have the opportunity to use the road route which was not available earlier. I believe this development will spur bilateral trade and investments."
"Unakitan, in the presence of the Chairman of the Istanbul Chamber of Commerce, Mehmet Yildirm, also held talks with the Minister of Commerce, Ali bin Saleh Al Saleh, and the Minister of Industries, Dr Hassan Fakhro. In both meetings the Turkish delegation underlined the importance of enhancing trade, commercial, tourism and investment cooperation," the ambassador said.
She said that there would be huge investment opportunities for Bahraini investors in the tourism sector as Turkey had just announced privatisation. "The Turkish government will disinvest in the tourism sector especially the Government Pension Fund that has a stake in major hotels in the country, providing a rare opportunity to Bahraini and other investors."
Similarly, she said, the ongoing privatisation in Bahrain is also offering rare opportunities for the Turkish investors. Ambassador Baskal said that Bahrain’s finalisation of the FTA with US and Turkey joining the EU would also open new vistas of development and progress. "This will facilitate businessmen and investors to establish joint ventures in Bahrain, Turkey and even in other countries. All these developments will further push the efforts of both governments to enhance ties in all vital sectors," she said.
Ambassador Baskal said that the 2nd Turkish Products Exhibition in Bahrain had attracted a large number of visitors. "Exhibitors are very happy as most of them have established good business contacts. The Turkish embassy will continue to facilitate the two-way business initiatives," she said.
She said that the companies representing the construction and building materials had also received a very good response.
"The Turkish handicrafts, glassware, jewellery and sweets and confectionery have also received a good response. Some exhibitors are finalising agreements to establish business in Bahrain or vice versa." Turkey would continue to host exhibitions, trade expos and cultural activities in Bahrain to broaden the base of bilateral investments and create awareness among the businessmen in all vital sectors, she said.
The four-day Turkish Products Expo concludes today at the Gulf International Convention & Exhibition Centre Gulf Hotel.
The Turkish embassy, in co-operation with the Istanbul Chamber of Commerce (ICC) and the Bahrain Chamber of Commerce and Industry, have organised the exhibition, under the patronage of the Minister of Commerce .
Over 60 companies representing different sectors are taking part in the exhibition. Construction Materials, Furniture, Interior/Exterior Decoration, Jewellery, Textile and ready wear, Home and electrical appliances, Automotive parts, Food, Packaging, Handicraft and giftware, Stationary, Cosmetics and Machinery. More than 100 businessmen representing the participating companies have also attended the exhibition.
The exhibition is open to the public from 9.30am to 12.30pm and from 4 to 10pm. There will be a final draw today at 8pm. Prizes include home appliances from Arcelik-BEKO, a trip to Turkey and Iznik tiles.