Egypt signed 11 Memoranda of Understanding (MoUs) with Bahrain during the Bahraini-Egyptian Business Forum marking a two-day visit of Bahrain’s King Hamad bin Issa al-Khalifa to Cairo, informed Ahram Online. MoUs include agreements to cooperate in the fields of energy, medicine, entrepreneurship and construction, reported Al Mal News. Further, an agreement between Bahrain’s Gulf Chemicals and Industrial Oils Company and Abu Qir Fertilizers Company was signed to exchange expertise, maintenance and safety.
According to Daily News Egypt, business negotiations will likely raise bilateral trade volume of $340m in 2015, and boost Bahraini investments in Egypt currently amounting to $1.7b, said Chairman of the Bahraini Chamber of Commerce and Industry, Khalid El-Moayyed.
The oil and non-oil trade volume last year rose to $416m. Bahrain’s imports from Egypt stood at $75m, while exports to Egypt reached $321m, Bahrain News Agency informed.
The forum highlighted joint investment opportunities and potential cooperation between the two governments in a number of sectors and areas.
In addition, Chairman of the Bahrain Economic Development Board (EDB), Khalid Al-Rumaihi, said the EDB hopes to open a new headquarters soon in Egypt to facilitate the trade movement.