High hopes for Thailand Business Centre in Bahrain
As a member of the Gulf Cooperation Council, Bahrain is expected to become a gateway for Thailand's investment and export shipping to Middle East countries through the use of the facilities of the newly opened Thailand Business Centre in Manama, says the Federation of Thailand Industries (FTI).
Praphad Phodhivorakun, honorary chairman of the FTI, said yesterday after the grand opening of the Thailand Business Centre (TBC) that the trade value between Thailand and Bahrain was expected to double, in accordance with the business centre's operations.Apart from Bahrain, the Gulf Cooperation Council (GCC) consists of Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates. The TBC's opening was presided over by Bahraini Deputy Prime Minister Sheikh Ali bin Khalifa al-Khalifa and Thai caretaker Deputy PM Surakiart Sathirathai. Thailand's trade with Bahrain amounted to US$138.19 million (Bt5.21 billion) in 2004: $86.62 million in imports from Bahrain and $51.57 million in exports to the Persian Gulf state. Thailand recorded a trade deficit with Bahrain of $35.05 million for that year. The new centre is part of a framework agreement on closer economic partnership between the two nations in effect since 2002. Praphad said Bahrain was one Middle East country that offered a potential for Thai investors to expand their operations, especially for electronics, textiles and jewellery. "China is our main rival in Bahrain, but we are not afraid of competing with that country, because we have the ability to produce hi-tech products," he said. Acting Thai trade representative Sompong Amornwiwat said the new TBC would help spur a free-trade agreement between the two countries, which has been delayed by the recent political tension in Thailand. "Thailand is still continuing FTA negotiations with Bahrain, expecting them to be complete this year," said Sompong. The TBC is Thailand's first in the Middle East. It is an innovative project created through Bahraini and Thai government initiatives and public-private sector cooperation. On Thailand's side, it involved the FTI, the Thai Trade Representative's Office and the Foreign, Commerce and Industry ministries. The centre will serve as a new channel for promoting Thai products in Middle East markets and a place where Thai and Bahraini investors can meet and negotiate business deals. Praphad said the centre had a showroom for presenting Thai products and meeting rooms for Thai and Bahraini businessmen. Akram Miknas, CEO of Promoseven Holdings EC in Bahrain, said the TBC was an opportunity to expand bilateral investment and trade, while Bahrain would be a gateway to the GCC for Thai businesses. Somluck SrimaleeThe Nation Manama
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