WELCOME TO BAHRAIN - ARABIC SWITZERLAND

The Kingdom of Bahrain as one of GCC Member State has the entirely distinct place in this pearl necklace. The pace of development of economy in Bahrain is one of the fastest in the world. Specific form of bank operations - Islamic banking - allowed the country within shortest period of time to turn into world class financial and insurance center "Bahrain Financial Harbour". Foreign investment encouragement policy, in particular, cancellation of profits tax, payroll tax, investor's tax exemption for five years (and more under specific conditions) conduces towards the blossom of mutually beneficial co-operation. In respect that Bahrain follows the policy of neutrality, it would be quite advisably to compare this state with Switzerland - the country having constant attractibility for financial activity.

Nevertheless, as distinguished from Old World countries burdened with their traditional problems, Bahrain have the very advantageous features, positioning this country in extremely favourable situation. In the first instance, Bahrain possesses of oil and gas resources and is the link of highly developed transport infrastructure. Piracy-free sea navigation and location in the geographical center of trade routes stimulates the increase of passenger and freight traffic.

In the long-term geopolitical peculiarities of Arab Gulf were subject to two historical and geographical factors. On the first hand it was important crossroad of trade routes between East and West, inter alia, the silk and spicery trade went through the Gulf over the centuries; on the second hand, the Gulf always was the clash point of interests and region of interpenetration of cultures of several Empires, viz Roman, Byzantine, Persian, Ottoman, and British.

At 25th of May, 1981 six countries of Arab Gulf - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, which possess about 70% of oil world resources have combined themselves into the Gulf Cooperation Council (GCC). Today one of the basic field of co-operation within GCC became economical co-operation. The main its goal is progressive motion from co-operation and co-ordination to advanced forms of economical integration. The first stage of it was the establishing of Free Trade Zone in 1983. The second stage became creation of Customs Union in 2005, and now GCC Member States, organizing the Gulf Common Market, have entered into the third one.

Unified Economic Agreement, which was ratified in 1981 stipulates equal treatment of GCC citizens in respect of freedom of movement, work, residence, engaging in economic activities, movement of capital, and ownership of real estate and movable property, procurement of loans from various financial institutes of GCC Member States. Moreover, GCC Member States have achieved impressive progress in the spheres of approximation and unification of procedures and regulations of national economies. GCC Member States approved a long list of obligatory and guiding rules in all spheres such as agriculture, water resources, ports, oil, agencies and trademarks, patents, foreign investments, practice of auditing and accountancy, insurance, telecommunications, and the encouragement of joint ventures.

In the field of finance and monetary cooperation, the GCC aims at coordinating policies related to investment in order to reach a common investment policy that would direct domestic and foreign investments to meet the aspirations of the citizens of the GCC in development and progress. It is also designed to unify banking and monetary regulations and laws, as well as increase coordination between monetary agencies and central banks, including the initiation of one currency in order to further economic integration.

The Kingdom of Bahrain as one of GCC Member State has the entirely distinct place in this pearl necklace. The pace of development of economy in Bahrain is one of the fastest in the world. Specific form of bank operations - Islamic banking - allowed the country within shortest period of time to turn into world class financial and insurance center "Bahrain Financial Harbour". Foreign investment encouragement policy, in particular, cancellation of profits tax, payroll tax, investor's tax exemption for five years (and more under specific conditions) conduces towards the blossom of mutually beneficial co-operation. In respect that Bahrain follows the policy of neutrality, it would be quite advisably to compare this state with Switzerland - the country having constant attractibility for financial activity.

Nevertheless, as distinguished from Old World countries burdened with their traditional problems, Bahrain have the very advantageous features, positioning this country in extremely favourable situation. In the first instance, Bahrain possesses of oil and gas resources and is the link of highly developed transport infrastructure. Piracy-free sea navigation and location in the geographical center of trade routes stimulates the increase of passenger and freight traffic. Aggregation of these merits moulds Bahrain in all conscience into the bridge between civilizations, while from economic point of view - into real Arab Switzerland, whereto sun, sea, yachts, salubrious climate and in the first instance - dynamic rhythm of business life and amicable attitude attract businessmen from the whole world all the year round.

Just these circumstances brought about creation of new organization, qualified for promotion of contacts between Bahrani business establishment and business community of other states, i.e. Bahrain World Economical Summit, where will represented all leading financial institutions and high-ranking statesmen of different countries will participate in economical discussions.