| |
|
|
| |
Home
>
World
> Middle East
> Bahrain
|
Business Profile
Economy: Oil dominates Bahrain’s economy and, together with gas and petrochemicals, accounts for the bulk of exports and government revenue. That proportion is falling, however, as Bahrain seeks to diversify its economy and the reserves dwindle. Several successful industrial projects, including aluminium production, an iron-ore processing facility and an ammonia-methanol plant have been set up. In the service sector, the financial services industry has expanded dramatically in recent years as companies trading in the region have set up their regional centres in Bahrain, where the relatively relaxed environment is an important factor in a region where rigorous social mores are often the norm. However, in June 2000, Bahrain was identified by the Organisation for Economic Cooperation and Development (OECD) as one of 35 countries whose financial laws are believed to encourage large-scale tax evasion and money-laundering. The Government has since taken measures to meet the OECD’s demands. Japan is Bahrain’s main export market, taking around 50 per cent of the total; the UK, the USA, Switzerland and France are the other important purchasers. The majority of Bahraini imports, which cover a wide range of products, come from Germany, the UK, the USA and Japan.
Business: Businessmen are expected to wear suits and ties. Business must be done on a personal introduction basis. Normal social courtesies should be observed but introductions and greetings are important and polite conversation is expected before business discussions begin. Bargaining is common practice: Arabs regard their word as their bond and expect others to do the same. The best time to visit is October to April. Office hours: Usually Sat-Wed 0800-1300 and 1500-1730. Some offices work Sat-Thurs 0800-1530. Government office hours: Sat-Wed 0700-1415.
Commercial Information: The following organisation can offer advice: Bahrain Chamber of Commerce and Industry, PO Box 248, Manama (tel: 229 555; fax: 224 985 or 212 937; e-mail: bahcci@batelco.com.bh; website: www.bahchamber.com).
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
|
|
|
|
|
