The Minister of Industry, Commerce & Tourism Mr. Zayed R. Alzayani received in his office Russian Ambassador to the Kingdom of Bahrain Mr. Igor Kremnev.

Both sides reviewed the bilateral relations between Bahrain Russian, noting to the importance of mutual visits and joint economic activities in enhancing bilateral relations. In this regard, the minister pointed out that the Kingdom of Bahrain has a welcoming investment environment, privileges, and facilities granted by the government to investors from all over the world, in addition to investment legislation, which makes Bahrain the perfect choice for investors.

The Minister of Industry, Commerce & Tourism Mr. Zayed R. Alzayani received chairman of the Economic and Financial Affairs Committee of the Shura Council Mr. Khalid Al Maskati, accompanied by a number of committee members.

During the meeting, they reviewed various issues and topics related to the economic developments in the Kingdom of Bahrain, the minister expressed his appreciation to all efforts undertaken by the Shura Council to enhance the economic sector.  The minister stressed ministry’s readiness to provide all kind of support to the Shura Council, noting to the keenness of the ministry to coordinate with all bodies to achieve government’s strategies and Bahrain Economic Vision 2030.

The Minister of Industry, Commerce and Tourism Mr. Zayed R. Alzayani met German Business delegation headed by Mr. Roland Meissner in the framework of their visit to the Kingdom of Bahrain.

During the meeting, they reviewed a number of economic issues, focusing on the joint economic relations between the Kingdom of Bahrain Germany and ways to enhance them and activate joint agreements between the private sector on both countries. The Minister stressed in this regard the importance of such visits and mutual meetings in developing these relations.

The Minister also highlighted the importance role of the private sector in consolidating mutual relations and increasing trade volume, referring to the outstanding facilities granted by the government of Bahrain to investors from all over the world. 

The Minister of Industry, Commerce and tourism Mr. Zayed R. Alzayani praised the initiatives and steps of international institutions and companies that are based in Bahrain or wish to work in Bahrain, noting the importance of Arla, one of the largest international companies operating in food industry. 

This came during a meeting held by the Minister of Industry, Commerce & Tourism Mr. Zayed R. Alzayani with Arla Foods Vice President Mr. Rasmus Kjedsen and Corporate & Government Affairs Lead MEA - Mondelēz Egypt Foods Ms. Ola Loutfi, in presence of Undersecretary of Industry Affairs Mr. Osama Alorrayedh. 

On this occasion the Minister said, ‘The Bahrain International Investment Park represented a major investment by the government in the industrial infrastructure of Bahrain. The addition of Arla Foods as a client in the Park is a testament to the quality of the location and the competitive advantages that Bahrain has to offer to international companies.’ He added that ‘This investment greatly strengthens Bahrain's position as a global destination for manufacturing excellence. We wish Arla and Mondelēz every success and we will continue to provide every support possible as they grow their business in Bahrain.’

Arla Foods have a turnover of over $11.4bn, have a presence in over 120 countries and are recognized as one of the global leaders in the food industry with household brands such as Arla®, Lurpak® and Castello®.

Mondelez International, opened its $40 million, state-of-the-art Bahrain cheese and powdered beverages manufacturing plant in April 2008 in the Bahrain International Investment Park (BIIP), employing circa 180 people in their facility manufacturing Kraft Cheese and Tang powdered beverages that are exported globally from Bahrain. Last year Mondelēz International opened a second manufacturing facility, a $90m ‘Factory of the Future’, producing their famous Oreo cookie and Barni cakes.  

The Minister of Industry, Commerce and Tourism Mr. Zayed R. Alzayani received Executive Regional Director of Al Futtaim Group - Carefour Mr. Herve Majidier in presence of Undersecretary of Commerce Affairs Mr. Nader Al Moayyed, Assistant Undersecretary for Domestic Trade, Hameed Yousif Rahma and Director of Consumer Protection Mr. Snan Ali Aljabery, where they discussed a number of issues of economic affairs in the Kingdom of Bahrain.

On this occasion, the minister said that “the Kingdom of Bahrain has an attractive and friendly investment environment for investors from all over the world. We welcome various projects with high added value to the national economy and we are working constantly working to attract projects that create jobs for Bahrainis.”

The Minister of Industry, Commerce and Tourism Mr. Zayed R. Alzayani chaired the 9th meeting of the National Committee for the World Trade Organization in presence of members and representatives of government agencies and private sector. 

During the meeting, they discussed a number of topics on the agenda including those related to technical working team of WTO Trade Facilitation Agreement. They also reviewed the outcome of visits and meetings with the government agencies and the private sectors to determine the readiness to apply the procedures for categories (B) (C) of Trade Facilitation Agreement. They also reviewed the results of the 11th Ministerial Conference of the World Trade Organization (Buenos Aires), as well as a number of topics that currently pursued within the framework of WTO whether in regular or negotiating committees, including the fisheries support Negotiations and informal working group on Small and Medium Enterprises (MSMEs) and Joint Statement on e-commerce. 

They also presented an overview of the 12th Ministerial Conference of WTO, which will be held in Astana, Kazakhstan in the first week of June 2020.

Under the Patronage of H.E. Mr. Zayed R. Alzayani, the Minister of Industry, Commerce and Tourism, Undersecretary of Industry Affairs Mr. Osama Mohammed Alorrayedh today performed  the official inauguration of Agility  regional logistics and distribution hub in the country, in presence of Chief Executive of the Bahrain Economic Development Board Mr. Khalid Al Rumaihi and representatives from the Ministry of Transportation and Telecommunications and Customs Affairs. The new 28,500 sqm facility in Hidd, enhances the company’s warehousing, freight, transport and specialty logistics capabilities.

During the ceremony, Undersecretary of Industry Affairs delivered a speech on behalf of H.E. Mr. Zayed R. Alzayani, Minister of Industry, Commerce and Tourism stating that “The Kingdom of Bahrain is undergoing rapid economic transformation and continuing to attract international investment, with the logistics industry playing a major role towards this. The industry benefits not just from Bahrain’s strategic geographic location, but also its growing infrastructure, established transport links and policies that are conducive to fostering business. The expansion of the regional logistics and distribution hub is a natural step for Agility, who have been steadily developing their operations in Bahrain since 2003.”

From his part, Mr. Essa Al-Saleh, CEO of Agility Global Integrated Logistics, said: “Bahrain is one of our key operational markets in the Middle East, offering high-quality infrastructure and a diverse community of regional business players. With an expanding population in the GCC and an increase in demand for integrated logistics services, our investment in Bahrain will help us better serve customers in the region. The opening of our new facility is a testament to our commitment to this promising market.”

Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, said: “Bahrain offers the lowest setup and operating costs for a logistics business with cost savings of 30 to 40 percent compared to the rest of the GCC. This has encouraged several companies to utilize our ports and free zones in order to set up businesses and access the Gulf Cooperation Council, and the Arab world. Agility’s investments in the local logistics industry are testament to the business confidence that Bahrain provides.”

The new facility supports contract logistics with ambient, chilled and frozen storage, as well as solutions for high-value cargo. It will offer secure records management and storage and turnkey logistics for Bahrain-based manufacturers in the fast-moving consumer goods industry.

Agility is a leading provider of cross-border transportation, owning and operating a fleet of over 200 vehicles. Agility also facilitates customs brokerage for a number of multinational organizations based in Bahrain.

The new facility, which has storage capacity of 17,000 pallet positions, represents a $10 million investment by Agility. It follows expansion of the company’s overland fleet in Bahrain to support its regional operations. 

A recent World Bank report estimates that Bahrain’s economy will grow by 2.6 percent in 2019, driven by higher oil production and mega projects. In 2017, the total value of foreign direct investment (FDI) attracted by Bahrain EDB reached $733 million, with the share of transport and logistics being 10 percent.

The Ministry of Industry, Commerce and Tourism (MOICT) 'Companies Control' and 'Consumer Protection' directorates have intensified their VAT inspection efforts to ensure the correct application of VAT.

MOICT's inspection efforts includes closely monitoring the movement of goods and services to prevent businesses from charging VAT on goods and services that are not subject to VAT.

MOICT continues to increase consumers' awareness in regards to the VAT's procedural and legal framework, and continues to encourage consumers to report violations by calling 80008001.