The Gulf state of Bahrain has just survived the latest wave of economic crisis, and is now looking for Singapore firms to invest in the Middle East and in the Gulf state.
Mr. Kamal Ahmed, chief operating officer of the Economic Development Board in Bahrain, said that 36 million people in the Gulf Cooperation Council (GCC) states make for a ready market.
“The Gulf is emerging as an important market in the world. Today, you are talking about a US$1 trillion market, a high GDP per capita, the highest concentration of millionaires (in the world). Fifty per cent of the population in the Gulf is below 20, so there is strong purchasing power in the region.”
“We invite you to use Bahrain as the gateway to access the market in the Gulf,” he added.
He pointed to the country’s pro-business laws, which has zero corporate or personal income taxes and allows foreign companies to fully-own local companies. These policies are helpful to foreign firms who are seeking an investment in the region.
Bahrain, which is almost the size of Singapore with a population of more than one million, also has an advantageous geographical location. It is next to Saudi Arabia – which has the world’s largest oil reserve – and Qatar – the world’s No.1 gas exporter.