Bahrain-Russia trade ties hailed.POSITIVE results of His Majesty
"The visit is expected to yield investment projects and further boost trade exchanges," Industry and Commerce Minister Dr Hassan Fakhro said as he chaired the third meeting to follow up results of the visit. Present were Russian Ambassador Victor Smirnov, Bahrain Property Holding Company - Mumtalakat-deputy chief executive Mahmoud Al Kooheji, leading businessmen, and banking, industrial and trade representatives. He highlighted the steady growth of joint ventures between private sectors in both countries. Dr Fakhro said he would patronise Verb 1. patronise - do one's shopping at; do business with; be a customer or client of buy at, frequent, shop at, patronize, shop, sponsor back up, support - give moral or psychological support, aid, or courage to; "She supported him during the illness"; a conference aimed at promoting bilateral investment initiatives. He singled out key areas with a potential for bilateral co-operation, particularly aluminium and processing industries. He also stressed the importance of focusing on highly profitable projects. The third largest Russian bank is planning to open a branch in Bahrain and promote its financial operations in the region. More Russian banks are also considering the option, the meeting was told. A high-level trade delegation is also expected to visit Bahrain and hold an exhibition on the sidelines On the sidelines An investor who decides not to invest due to market uncertainty. on the sidelines Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. of a planned bilateral conference. Alba intends to construct its sixth production line with plans to co-operate in this regard with Russian aluminium giant Rusal Company. Russia is one of the largest aluminum producers, boasting boast 1 v. boast·ed, boast·ing, boasts v.intr. To glorify oneself in speech; talk in a self-admiring way. v.tr. 1. To speak of with excessive pride. 2. 11 per cent share of the world market. Al Zayani companies will be in charge to promote Russian aluminium products in the east. In exchange, Russian companies will market Bahraini aluminium products in other parts of the world, particularly Western and northern countries. Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. financial regulatory executive director said the central bank would continue to support the establishment of Russian banking institutions in Bahrain. Bankers are exchanging visits to explore investment opportunities in the banking sector, he said. Sea Almoayyed Barwill chairman Tawfeek Almoayyed also revealed that his company was studying several Russian offers. Bahrain Milling Company said it was ready to import Russian wheat, provided it was available in the world markets and met the required quality standards. Huda Janahi gave an update on steps taken to set up a joint factory specialised in aluminium engineering in the construction sector. Copyright 2009 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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