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Turkey, Bahrain strengthen trade ties

05 December 2010 05:00 (UTC +04:00)

Baku-APA. Visiting the Bahraini capital of Manama, Turkish Finance Minister Mehmet ÅžimÅŸek met with Bahraini Crown Prince Sheikh Salman Ben Hamad Al Khalifah and Prime Minister Prince Khalifa Ben Salman Al Khalifah on Wednesday, APA reports quoting hurriyetdailynews.com website.
The visit is part of the fifth period meeting of the Turkey-Bahrain Mixed Economy Commission, or KEK.
ÅžimÅŸek, the KEK co-chairman, also met with Sheikh Ahmad, Bahrainâ€™s finance minister.
Also meeting Crown Prince Sheikh Salman Ben Hamad Al Khalifah, ÅžimÅŸek said a free trade agreement is crucial to increase trade between the two countries. The visit also raised the possibility of Crown Prince Al Khalifah visiting Turkey.
During the talks, Bahraini officials noted the success of the Turkish economy despite the crisis.
ÅžimÅŸek told his counterparts that Turkey wishes to cement historical and cultural ties with the economy. He also drew attention to the strategic position of Turkey in the region, adding that Turkeyâ€™s prowess in the region has increased. He also called on Bahraini businessmen to invest in tourism, energy and agriculture sectors.
Since the last KEK meeting between Turkey and Bahrain in 2004, bilateral trade increased from $72 million to $404 million as of the end of 2008. In 2009, on the other hand, the figure retreated to $138 million.
Bahrain, with a population of 728,000, is considered as one of the most important finance centers in the region. A total of 25 percent of the gross domestic product of Bahrain comes from banking.
While Bahrainâ€™s luxury real estate business was hit hard due to the global crisis, the country is planning to focus on social housing projects. The nation may set up an organization similar to Turkey’s Housing Administration, or TOKÄ°.