MOSCOW (Sputnik) — Bahrain hopes to further increase its economic cooperation with Russia as the trade turnover between the two countries surged after the creation of a Russian-Bahraini Business Council in 2007, Vivian Jamal, the Executive Director for Business Development at the Bahrain Economic Development Board told RIA Novosti.
Non-oil trade between Russia and Bahrain increased from $6 million in 2008 to almost $135 million in 2011, according to Jamal.
"We believe that this dramatic growth in trade volume is symbolic of our strengthening economic and trade relationship and growing commitment from both Bahrain and Russia to strengthen ties."
In 2014, the Russian Direct Investment Fund and the Bahrain Mumtalakat Holding Company signed a memorandum of understanding, and Bahrain's national airline launched direct Moscow flights.
Jamal also said that Russia can bolster relations with Gulf Cooperation Council countries through closer economic ties with Bahrain.
"In Bahrain, Russian investors will find a tried and tested legal and regulatory regime, some of the lowest operating in the Gulf, quick and easy connections by air, road and sea to the other five countries of the GCC, and one of the most highly skilled workforces in the region."
Jamal added that Russian investors would benefit from free trade access to the GCC and other countries in the Middle East and North Africa that participate in the Greater Arab Free Trade Area.
The Gulf economies, jointly worth approximately $1.6 trillion, are expected to reach $2 trillion by 2020, according to Jamal.
The GCC comprises Bahrain, Saudi Arabia, Qatar, Kuwait, Oman and the United Arab Emirates.
