The Philippine Chamber of Commerce and Industry and the Bahrain Chamber of Commerce and Industry renewed their cooperation to promote mutually advantageous commercial and industrial interests.
The agreement’s objective is to establish a general cooperation framework between the two chambers in support of bilateral economic relations, according to PCCI.
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 membership.
The groups signed the agreement atPCCI office in McKinley Hill, Taguig City.
PCCI board director Benjamin Loong and BCCI vice treasurer and Bahrain delegation head Mohammed Sajid Ishar Uthag signed the agreement.
BCCI said Bahrain was trying to increase economic ties with Asean and was ready to discuss with the PCCI joint ventures in medical, engineering, tourism and information technology sectors.
Loong thanked 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 soon to tackle a common work plan.
Meeting with the Philippine Retail Association, the Bahrain delegation recognized the Philippines’ high-quality, export goods and the availability of qualified and trained human resources.
The Bahraini side said it was looking 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 and gives them tax incentives.
There are more than 60,000 Filipinos who live in Bahrain and another 350,000 in the eastern provinces of Saudi Arabia.