(UTV|COLOMBO) – The Heart of Gulf – the gateway multi-billion Gulf Market – is so impressed by the diverse and high-quality range of locally made exportable products in Sri Lanka, it even called them to be “viable investment opportunities for partnering”.
#BREAKING #Bahrain business and investment team now in #Colombo , looking for opportunities in #SriLanka , .@rbathiudeen says ready to give official support – https://t.co/dVdWuI4mwS #lka pic.twitter.com/und8gxYCMl
— Rishad Bathiudeen (@rbathiudeen) June 20, 2018
“Specific Sri Lankan industrial product lines such as organic food, beverages and speciality jewellery are of high quality and premium value. There are great potentials for them in Manama and in Bahraini markets” said the Managing Director of Bahrain’s Al Jaberiya Group Mohammed Sajid on 19 June. Al Jaberiya’s Sajid, who was leading a seven-member Bahraini business delegation to Colombo was in discussions with the Minister of Industry and Commerce Rishad Bathiudeen on 19 June in Colombo. Sajid is also the Chairman of GCC Gold and Jewellery Association in Manama.
The Island Kingdom of Bahrain, known as the Heart of Gulf, has strong and historic logistical connectivity in the region and is considered as the best gateway to the $1.5 trillion Gulf market.
“Our main import from Sri Lanka is Ceylon Tea. However, when we arrived here we found a bigger array of special high-quality products beyond Tea” said Al Jaberiya’s Sajid and added: “We are attracted by made in Sri Lanka organic food and beverages. There is great appeal for organic food and beverages in Bahrain. Specifically, organic coconut-based food products such as oil, milk, sugar, and powders. Such an organic range of coconut food products are hard to come by elsewhere in South Asia. I am myself a jewellery maker for international high profile buyers and Sri Lankan jewellery designers have grabbed my attention due to their high skills world class output. For example, I am highly impressed by the single piece all diamond and no metal special ring cleverly designed by Colombo’s Devi Jewellers. I have never seen anything like that and very impressed by it. We as Bahraini investors feel oranic food, jewellery and tourism sectors offer viable investment opportunities for potential Bahraini investors –and importers in Manama.”
According to the Department of Commerce, Sri Lanka’s exports to Bahrain more than doubled in the last five years from $5 Mn in 2013 to $12.36 Mn in 2017. Last year’s total trade with Bahrain was $26.75 Mn – a 7.4% increase from 2016’s $24.9 Mn. Sri Lanka’s main three exports to Bahrain last year (ranked from top) were electric items such as Conductors, edible Preparations, and Tea while the three leading imports from Bahrain last year (ranked from top) were aluminum, petroleum bitumen and cotton. Bahrain is also a major employer of Sri Lankans in the Gulf-Almost 6000 skilled and unskilled Sri Lankans are employed in labour and professional service sectors in Bahrain.
Minister Bathiudeen welcomed Sajid’s interest to partner Bahraini investors with Lankan industries and called for bigger trade between both countries. “Our bilateral trade is below $30 Million and has great potential to improve. During my meeting with Bahraini Minister of Industry, Commerce, and Tourism His Zayed bin Rashid Al-Zayani during my February 2016 visit I stressed that the two countries have not yet exploited and have not taken the strategic advantage of the enormous economic, commercial, touristic, outsourcing and investment opportunities and the natural endowments, with which Minister Al-Zavani too agreed. Your visit and resulting interest could be the opening needed to change this. I and my Ministry officials shall extend our fullest cooperation to Bahraini importers and investors coming to Sri Lanka. I especially call you to focus on the three FTAs that Sri Lanka has-with India, Pakistan and Singapore – and leverage from them by setting up in Sri Lanka.”
Bahrain also has been serving as a regional trade centre for centuries to neighbouring Saudi Arabia through its overland routes which helps cargo to arrive in 30 minutes. Bahrain is equipped by the state-of-the-art international Khalifa bin Salman Sea Port and a causeway too is in the works. Using the modernised Bahrain International Airport any Gulf destination can be reached in no more than two days by air cargo from Bahrain.
Members of Mr Sajid’s delegation also expressed their interest to explore Sri Lankan SME ad micro sector during June 19 meeting with Minister Bathiudeen.
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