Bahrain-Spain Business Forum

Your Majesties, your excellencies, ladies and gentleman, welcome to the Bahrain-Spain Business Forum.

Your Majesty King Juan Carlos, on behalf of His Majesty King Hamad and all in Bahrain, may I say it is a privilege to welcome you back.

Spain has held a special and enduring relationship that stems right back to the eighth century. From then our paths have been entwined. Moorish Spain did much to protect and spread the learnings of the great ancient European civilisations, and also passed on the discoveries of Arabia that followed.

Today, the Spanish language contains 4,000 Arabic words and phrases – an enduring legacy of this shared history.

To all of you here, it is a privilege to welcome you to this vital event; a significant contribution to strengthening and deepening bilateral ties.

Such engagement cannot solely occur at the political level. It must involve and engage the private sector too, and must be enhanced by cultural and people exchange. Business, trade and commerce are the lifeblood of strong and beneficial relations. I welcome all such representatives here today.

Bahrain is host to a Spanish community that makes a strong contribution to our economy. We only wish to see that grow.

Our countries have held diplomatic ties since Bahrain’s independence and links have steadily grown. A key milestone was the 2008 agreement to protect economic and trade cooperation between our two countries.

Since then, we have seen several examples of Bahraini-Spanish partnerships, and trade flows between our two countries now total in excess of USD 200 million. But, the opportunities are far greater than what we currently see.

In coming together today we represent two nations, two partners.

Two countries that know the benefit of collaboration and coordination.

In many ways, we represent two unique and differing histories and elements. And yet, we also share a great deal.

We both welcome all religions and show pride in our openness and tolerance.

We are both supported by parliamentary systems with universal suffrage. And, while your journey started a lot earlier than our own, our journeys have parallels and our shared direction is forward.

I have often reflected that some of those who observe from the high plateau of development can forget how difficult the climb was. I do not believe that to be the case with the Kingdom of Spain, given the changes you have witnessed. Changes that still exist within the memory of a living generation.

Your Majesty [King Juan Carlos],

You have overseen your nation through decades of change, continuing to support, represent and nurture, and we view you with deep admiration.

Your Majesty [King Hamad],

The reforms you have ushered in since 1999 are deeply significant, the progress tangible and the development ongoing.

We both care about and support our people.

We have both seen the outcomes when extremism takes root in society, seeking to further divide than unite; but, in recent times, we have both been witness to the developing results when consensus and bridge building is sought within the firm strictures of the rule of law.

Bahrain has seen some significant challenges in recent times, but I feel sure the ties that bind are stronger than the issues that may seek to divide. Issues can be resolved, have been resolved and are being resolved.

Of course, some differences will always exist and that is something that should enrich a nation. In Bahrain, Your Majesty, we have many who follow La Liga with passion, and I do not expect us to overcome the differences between our Bahraini supporters of Real Madrid and Barcelona any time soon.

But on a more serious note, we sincerely hope that everyone here can capitalise on our gathering today to assess the means and opportunity to enhance links between our countries and ensure areas of mutual benefit are explored and implemented.

We are proud of the work we have undertaken for over a decade to maximise the potential of Bahrain. As the first Gulf nation to discover oil in the last century, we are also the first in the new century to refocus our economy from natural resources to human resources.

We have a workforce that’s growing in size and capability.

It is highly skilled and multi-lingual, and has contributed to the size of our financial services industry – there are more financial services companies here than anywhere else in the Gulf.

From asset management to Islamic finance, we are recognised pioneers and leaders. There are clear opportunities to deepen engagement with Spain’s expansive financial services industry.

Bahrain is ideally located at the heart of the Gulf – the energy hub of the world and the logistics hub of the region. We have a range of services and facilities that aim to take advantage of our geographic fortune.

We have a causeway that connects us to the region’s largest market; an airline that is among the best connected in the region; and a port that is close to both major roads and an international airport.

We have investment parks and logistics zones that provide incentives and benefits to those companies that choose to locate themselves within them. But, uniquely to the region, companies might choose to locate anywhere in Bahrain as the entire country has the effective status of a free zone.

And, our infrastructure is set to improve even further. We are currently investing a total of USD 4.3 billion of the Gulf Development Programme fund in major development and infrastructure projects.

Spanish companies should be in no doubt that their business is welcome in Bahrain.

We offer a mature market, one that has a tried, trusted and transparent regulatory system.

We have a free business environment, the freest across the Middle East, and North Africa, and among the freest globally.

We are a resilient economy, one that is proven; whether the storm be domestic, regional or international.

I hope this provides you with some ideas of the opportunity we afford our partners and our friends. And, that’s how we view the Kingdom of Spain and that is how we dearly hope you view the Kingdom of Bahrain.

Allow me to conclude with a personal tribute to your former Prime Minister, Adolfo Suárez González, 1st Duke of Suárez, Grandee of Spain – the first head of government of the post-Franco era.

It is clear from the recent outpouring of grief from Spain that Aldofo Suárez played an integral role in the development of modern Spain and I dearly look forward to my next visit to your fine country and touching down at the Aldofo Suárez Madrid-Barajas Airport. A fine tribute to a fine man.

Thank you all again for coming here today and I hope you all find the benefit of this engagement, which should provide welcome opportunities to maximise the prosperity and support the future growth of our countries.

Thank you.