Israeli Chamber of Commerce signs deal with Bahraini equivalent

Representatives also claimed that Bahrain is a potential gateway to the Saudi market.

Kingdom of Bahrain flag (photo credit: Wikimedia Commons)
Kingdom of Bahrain flag
(photo credit: Wikimedia Commons)
Israel's Chamber of Commerce has signed an agreement of cooperation with the Bahrain Chamber of Commerce and Industry (BCCI), marking the opening of trade ties between the two countries following the establishment of formal ties on Sunday, according to a government press release.
The two commerce bodies agreed to a Memorandum of Understanding for business cooperation, which was signed by Uriel Lin, president of the Israeli Association of Chambers of Commerce, and Ze’ev Lavie, director of the association's foreign relations division. They were joined by an official delegation of representatives from the BCCI.
Lin praised the decision to build closer trade ties with Bahrain, saying in a statement that "This is another move that the Association of Chambers of Commerce is making today to expand two-way trade relations with the Gulf states, starting with direct cooperation agreements with countries with which we have peace agreements and diplomatic relations – and from there also as a springboard to all the Gulf states."
"We owe a special thanks to the chairman of our international committee, vice president Amir Shani, and the director of the Foreign Relations Division, Ze’ev Lavie, for their momentum in strengthening and shaping ties with the Gulf states and in accelerating processes offering the most effective solutions for the business sector," Lin said.
Included in the agreement are mutual recognition of the chambers' services and the promotion of cooperation for businesses in the two countries, with a special note made in light of the coronavirus pandemic, which has led businesses to find new markets to enter.
"Establishing relations with chambers of commerce in the Gulf states and Bahrain in particular is a strategic asset and an effective platform for promoting the Israeli economy and trade relations between the two countries. The agreement between chambers is of particular historical importance, and it will contribute to warming relations with Saudi Arabia," said Lavie.
Lavie also said that Bahrain is a potential gateway to the Saudi market, the largest economy in the Arab world. He also noted that Bahrain has lower exportation costs to the United States and other Gulf states, a stable banking system, a growing real estate market, and a healthcare system interested in Israeli medical technologies.