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Viewing cable 07MANAMA504, US-BAHRAIN BUSINESS COUNCIL COMPLETES SUCCESSFUL

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Reference ID Created Released Classification Origin
07MANAMA504 2007-06-04 09:54 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Manama
VZCZCXRO4145
RR RUEHDE RUEHDIR
DE RUEHMK #0504 1550954
ZNR UUUUU ZZH
R 040954Z JUN 07
FM AMEMBASSY MANAMA
TO RUEHC/SECSTATE WASHDC 6889
INFO RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE
RUEHAM/AMEMBASSY AMMAN 1328
RUEHRB/AMEMBASSY RABAT 1014
RUCPDOC/USDOC WASHDC
UNCLAS MANAMA 000504 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: BEXP ETRD BA ECTRD
SUBJECT: US-BAHRAIN BUSINESS COUNCIL COMPLETES SUCCESSFUL 
VISIT TO BAHRAIN 
 
 
1. (U) A trade delegation of 12 American companies organized 
by the newly-established U.S.-Bahrain Business Council 
(USBBC) traveled to Bahrain May 29-31 in a successful visit 
that included calls on senior Bahrain officials and meetings 
with a broad range of the Bahrain business community.  The 
delegation members were pleased with the warm reception they 
received, and the USBBC announced plans to return in November 
with an even larger delegation. 
 
2. (U) The USBBC was officially launched on September 14, 
2006 at a ceremony held at the Washington headquarters of the 
U.S. Chamber of Commerce.  It initially has operated out of 
an office at the Chamber, and recently hired an executive 
director, Salma Habib, and elected as its chairman James 
Godec of Overland Capital Group.  Its membership includes 
both Bahraini and American companies, and its founding was 
clearly linked to the signing of the free trade agreement and 
the desire to take advantage of the opportunities offered by 
the FTA. 
 
3. (SBU) Prime Minister Shaikh Khalifa met the delegation on 
May 29 and hailed its efforts to increase trade between the 
U.S. and Bahrain.  He noted that, despite the difficult 
regional environment, there is still strong interest in trade 
between the countries of the Gulf and the United States.  He 
praised the FTA, observing that others in the Gulf had been 
critical when Bahrain first signed it but "now they want to 
copy us."  Minister of Commerce and Industry Hassan Fakhro, 
in a separate meeting, welcomed the first American trade 
mission to Bahrain since the signing of the FTA, saying that 
it highlighted how close the bilateral relationship is.  He 
stressed that Bahrain would do all it could to maximize the 
benefits of the FTA. 
 
4. (SBU) Governor of the Bahrain Central Bank Rashid 
Al-Maraj, in his meeting with the delegation, highlighted the 
openness of Bahrain's financial sector, pointing out that for 
many years Bahrain, in contrast to the rest of the region, 
has allowed foreign financial institutions to compete without 
restrictions and on an equal footing with domestic banks. He 
reaffirmed Bahrain's commitment to continue the dinar peg to 
the dollar, believing this commitment provides an important 
signal of transparency and stability to the business 
community.  He also stressed the role the central bank has 
played in developing a legal framework for Islamic banking, 
which has taken off in Bahrain in recent years. 
 
5. (U) The delegation also met with the Ministers of Finance 
and Housing/Public Works and the Chairman of the Economic 
Development Board, visited the new Bahrain Industrial 
Investment Park and Bahrain Investment Wharf, as well as the 
Bahrain Investors Center, and met with a range of business 
leaders, including the board of the Bahrain Chamber of 
Commerce and Industry. 
 
********************************************* ******** 
Visit Embassy Manama's Classified Website: 
http://www.state.sgov.gov/p/nea/manama/ 
********************************************* ******** 
MONROE