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SINGAPORE : The Singapore Business Federation (SBF) is urging local firms to use Bahrain as their starting point to expand into the Middle East.
At an investment seminar in Singapore on Tuesday, SBF CEO Teng Theng Dar said gateways like Bahrain will help to lower market entry cost and shorten the learning curve for companies.
He said this is because the ease of doing business in Bahrain is substantially higher compared with many of its neighbours.
The federation said there is potential for investments in a range of sectors in Bahrain, including manufacturing, tourism, healthcare, oil and gas, and electronics.
Bahrain itself is seeking to attract more Singapore investments.
"We need to increase that trade or value of trade and investments between the two countries. Now, I believe it's at almost US$90 or US$100 million. But we believe there's still room to increase that," said Osama Mohammed Arrayed, Bahrain's Undersecretary for Industry Affairs, Ministry of Industry and Commerce.
Bahrain officials are in Singapore to promote opportunities in major projects such as the Bahrain International Investment Park.
The park, which includes a 100-hectare logistic hub, is being touted as Bahrain's one-stop centre for manufacturing and international services projects.
The park, which spans 2.5 million square metres, is expected to be ready in about 5 years and is strategically located within minutes from Bahrain's International Airport and Sea Port.
Singapore-based MTQ Corporation, an engineering solutions provider for the oil & gas industry, recently set up a US$20 million facility in the park.
Bahrain is currently Singapore's sixth largest trading partner in the Middle East. Bilateral trade came to some S$470 million last year.
Singapore's exports to Bahrain rose 61 per cent on-year in 2008 to nearly S$130 million. - CNA /ls
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