Manama: The Embassy of the Republic of Korea, in collaboration with the Ministry of Industry and Commerce, Economic Development Board (EDB), Bahrain Chamber, and Bahrain-South Korea Friendship Society (BKFS), hosted the '7th Bahrain-Korea Business Forum' in Manama. The event, held on May 28th, brought together over 100 participants from Bahrain and Korea, representing both public and private sectors.
According to Bahrain News Agency, Koo HeonSang, the Korean Ambassador to Bahrain, emphasized Bahrain's efforts to diversify its economy following the Economic Vision 2030. He pointed out that Bahrain's investor-friendly environment and strategic location make it a pivotal gateway to the Middle East and North Africa. The ambassador also mentioned that the Investment Promotion and Protection Agreement, signed last year between Bahrain and South Korea, is nearing ratification and will enhance legal and commercial certainty for businesses, further fortifying bilateral economic ties.
Eman Ahmed Al Doseri, Undersecretary at the Ministry of Industry and Commerce, marked the forum as a significant step in Bahrain-Korea cooperation. She highlighted how the forum provides a valuable platform to boost trade and investment, with a focus on expanding economic ties. Al Doseri referenced the May 2023 visit by a Bahraini delegation to Seoul as a pivotal moment that unveiled major investment opportunities in sectors such as innovation, technology, and entrepreneurship.
Mohamed Abduljabbar Al Kooheji, Second Vice Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), stressed the forum's importance in discussing economic diversification strategies. He noted the increasing interest in sectors like life sciences, healthcare, tourism, education, financial services, and automotive manufacturing. Al Kooheji revealed that bilateral trade exceeded USD 458.7 million in 2024, marking a 15% increase from the previous year.
Al Kooheji also highlighted the significance of the Free Trade Agreement between South Korea and the Gulf Cooperation Council (GCC), facilitating smoother trade flows and mutual economic benefits. He praised Bahrain's competitive business environment, which includes no corporate or capital gains taxes across most sectors, full foreign ownership, and ease of business establishment.
Ahmed Bin Hindi, Chairman of the Bahrain Businessmen's Association (BBMA), discussed the positive outcomes from the previous forum held in Seoul, which fostered direct connections and opened new market opportunities. He emphasized that such engagements enhance collaborative spirit and lay the groundwork for a long-term strategic partnership. Bin Hindi noted that trade between Bahrain and Korea has ranged between USD 400 million and USD 650 million in recent years, with potential growth in fintech, renewable energy, biotechnology, artificial intelligence, and smart manufacturing.
Held biennially since 2017, the Bahrain-Korea Business Forum alternates between the Kingdom of Bahrain and the Republic of Korea. It serves as a platform to expand bilateral trade and investment and reinforce economic cooperation. This year's forum offered a valuable platform to assess current bilateral economic relations and explore new avenues for cooperation, particularly in information and communications technology, smart farming, K-beauty, and food. The event saw increased participation from Korean companies, highlighting the growing depth and strength of economic ties between the two nations.
Attendees from Korea included government agencies such as Korea Trade-Investment Promotion Agency (KOTRA) and National IT Industry Promotion Agency (NIPA), as well as leading companies like CJ ENM, Korea Electric Power Corporation, and Posco International.