Bilateral trade between Bahrain and the United States will rebound after slumping by 38 percent during 2020 when the global coronavirus pandemic impacted both economies, according to a top official.
Qays H Zu’bi, who has been re-elected for a new two-year term as president of the American Chamber of Commerce in Bahrain (AmCham Bahrain), remained upbeat about trade prospects.
He said: “The impact of Covid-19 made 2020 a challenging year for global trade and businesses everywhere. Bilateral trade of goods between the US and Bahrain decreased from $2.46 billion in 2019 to $1.52 billion in 2020, but I have faith trade between the US and Bahrain will return to past high levels and increase to new highs going forward.”
He added: “I am honoured to be given the opportunity to serve as president for another term. With the support of our members, I am confident that the breadth of expertise and resources within this new dynamic Board will be instrumental in further strengthening AmCham.
“We will continue to extend AmCham’s contribution to promoting US-Bahrain’s trade growth, while also promoting the legitimate economic interests of AmCham members.”
Zu’bi said AmCham hopes to resume its business networking events as society continues to reopen as Covid-19 precautions relax, adding that industry focus groups will be launched to better identify and pursue common interests.
The newly formed board is AmCham’s most diverse and directors represent all major industry sectors in Bahrain including finance, manufacturing, oil and gas, education, ICT, tourism, real estate development, logistics, communications, legal and professional services.
Additionally, nearly 40 percent – six out of 16 seats – are held by women.
Maggie Nardi, US Charge’d’Affaires, said: “The strength of the US-Bahrain bilateral relationship is built on free trade and shared prosperity… I view AmCham as a critical ally in the US government’s effort to support Bahrain’s economy.”
This year marks the 15th anniversary of the US-Bahrain Free Trade Agreement. Bilateral trade between Bahrain and the US has more than tripled from $782 million in 2005 to $2.46 billion in 2019.
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