Bahrain's relationship with Japan would strengthen further with the conclusion of the GCC-Japan Free Trade Agreement, said Industry and Commerce Minister Dr Hassan Fakhro at the opening of the Japan-Bahrain Business Forum.

'Bahrain's trade relations with Japan go back to 1934, with the discovery of oil and the first oil shipment that was sent to Japan,' he said.

'Today, Japan is Bahrain's second largest trade partner, with a trade volume in excess of $1 billion.

'Japanese companies are active in the Bahrain economy in the financial, trade and manufacturing sectors, and have also been engaged in work in the petrochemicals field, gas, telecommunications and a number of large scale industrial projects.

'I personally remember three decades ago when I had the privilege to be involved with JGC Corporation of Japan in contracting and operating the Bahrain National Gas Company's gas plant a testimony to great manufacturing, development and efficiency.

'More recently, a $1.2bn steel plant in Hidd was given the green light, and one of the main contractors involved in engineering procurement and construction is Kobe Steel of Japan.

'The Industry and Commerce Ministry contributes to the strengthening of trade relations between the two nations in its role and is focused on improvement of the commercial and trade environment, making it easier to do business by removing trade barriers and impediments, engaged in the development of trade agreements and relationships,' he said.

'At the same time, the ministry has overall responsibility for the meetings, incentives, conferences and exhibitions (MICE) industry through chairmanship of the Bahrain Exhibitions and Conventions Authority, and therefore plays an important role in providing the facilities for Japanese companies to gain access to the potential markets in the region by means of participating in exhibitions and conferences,' he added.

'Bahrain has the same concept of quality and efficiency as does Japan and this characteristic in Bahrain has manifested in the quality of our laws, regulatory environment, and has been the reason for Bahrain gaining legitimacy as an international and the regional financial market.

'For its part, Japan is well-recognised for the quality and efficiency of its products and production processes.

'These quality attributes, and the long standing trade and commercial relationship between the two countries, enhanced by an expanding market on the back of a long awaited GCC-Japan Free Trade Agreement, bodes well for the future of an expanding Bahrain-Japan relationship.

'I see Japan maintaining its standing as one of Bahrain's most important trade partners, and indeed becoming more important as an export destination for Bahrain products and investments in future years,' he added.

'Various high-level exchanges have taken place between the two countries, including a first-time visit by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board Chairman to Tokyo last October.

'A Joint Economic Committee has been established between the Finance Ministry and the Japan Bank for International Co-operation, and a memorandum of understanding has been signed for a strategic financial partnership.

'In addition, MPs from both countries have established a bilateral friendship group and exchange visits have taken place, and additionally a Bahrain-Japan Friendship Society was established in 2008,' he said.

'It is true that our two countries are growing ever closer, and I must say that this forum will add a further dimension of co-operation between our respective private sectors,' he added.

Dr Fakhro yesterday also received Japanese Ambassador Haido Sato and the representatives of the Japan External Trade Organisation (Jetro) led by Hiroaki Ishii. He asserted that trade visits and bilateral meetings are essential to strengthen Bahraini-Japanese ties and enhance trade exchanges in line with their wise leadership's keen interest to bolster economic co-operation.-TradeArabia News Service