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Advertisers Bank of Bahrain and Kuwait B.S.C.
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Johnny Young, U.S. Ambassador to Bahrain
Perhaps one of the best examples of cooperation can been seen in this context in terms of Bahrain's recent seat on the Security Council at the United Nations, where we have worked together on a wide range of issues particularly in terms of security and stability in the region. That worked very well for two solid years and will continue.
Bahrain now has a seat on the Economic and Social Council in the United Nations and we look forward to working with Bahrain on many social economic issues. And I think that the cultural and political ties between the two countries will certainly get stronger.
I would be remiss if I did not put in a small plug for this small country that has made so much progress in recent years.
Bahrain rightly prides itself in being among the forefront of GCC states in many areas of economic liberalization and openness to foreign business and investment.
Local partners are not required to open an office; 100 percent foreign ownership of companies is possible; sole agencies have been abolished, and foreigners can own large holdings on the stock exchange.
These are exciting times across the Gulf States, which have begun to meet the challenges of doing business in the 21st Century. No one exists in isolation any more. The global economic community is linking us closer together day by day. If I compare the Gulf region I first visited 26 years ago with the Gulf of today, the change has truly been impressive.
Each Gulf country has made progress in its own way, showing different strengths, but the requirements for promoting economic development today are universal across the region.
Political and regional stability enhance economic growth. Peace is good for business. Lowering risk reduces costs and attracts investment. Thus, progress in the Middle East peace process will further enhance business. More trade with more countries promotes growth.
Continued reduction of trade and investment barriers will increase trade. This means tariff and non-tariff barriers must come down. Restrictive agency laws need to be liberalized. The GCC Customs Union is a welcome development, although we have to wait until 2005 for it to begin. Countries need to allow unrestricted ownership of companies, land and securities by nationals and foreigners alike to attract business.
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Table of Contents The Al Khalifa Dynasty - Ruling Bahrain Since 1783 |
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The United States and Bahrain cooperate with each other in a number of areas in a wide range of lateral-lateral core such as the World Bank, the United Nations and the International Airlines Association, to name just a few that go beyond the military and political relations.