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Bahrain:Exploit FTA to its full potential – businesses urged |
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2004-11-24
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Free Trade Agreement is a blessing in disguise for industries like textile and apparels, aluminium, fertilisers and chemicals, food and financial services area.
Tremendous economic opportunities are presented in face of the free trade agreement (FTA) coming in to effect with the US, early next year. It will provide companies from Bahrain a huge multitude of avenues to expand overseas business.
An FTA seminar called Bahrain Calling is being held for selected businessmen at the Bahrain Conference Centre, Crowne Plaza on November 29, announced KPMG Bahrain managing partner Jamal Fakhro.
He said that Bahrain will not only benefit from local companies but that the FTA will attract companies from nearby countries which don''t currently have the same access to the US markets. These include Iraq, Iran and India.
"An important thing for these companies to remember is that they have to try to provide the US market with unique, high quality products. They won''t be able to compete if they only offer them what they already have," he said.
"For example, Islamic banking is an area where Bahrain has been a pioneer. It is something that can be sold easily to the US because Bahrain has expertise in this area."
He added, however, that any company wishing to successfully sell to the US must adhere to their standards.
"They must take advantage of the time they have before the FTA comes into effect to get their houses in order in order to take full benefit of the agreement." |
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