диссертация (1169608), страница 23
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The project on modernization and expansion of theinternational airport (the volume of investments of 1.1 billion dollars) has begun. Atender was announced for the implementation of the project of about 5 billion dollars toexpand production capacity of the Bapco refinery from 260,000 to 350,000 barrels in aday251. By the end of 2017, the construction of a new oil pipeline to pump crude oilfrom Saudi Arabia to Bahrain worth 300 million dollars and a design capacity of250Бахрейн: маленькая страна, большие возможности? [Электронный ресурс] // РСМД. – URL:http://russiancouncil.ru/inner/?id_4=8157#top-content2512016 Index of Economic Freedom [Electronic resource] // Heritage Foundation.
– URL:http://www.heritage.org/index/pdf/2016/book/index_2016.pdf90400,000 barrels should be completed in a day. The launch of the LNG terminal isplanned for this year (2019), the project cost is more than 600 million dollars252.The growth of the construction sector and property prices in Bahrain, in contrastto other countries in the region, also points to economic stability and is an indicator ofthe prospects for the entry of Russian investors into the market of Bahrain253.The Kingdom of Bahrain has a reasonably strong position in the world economicarena and has a history of long-term international economic cooperation. Bahrain wasthe first state in the Middle East region to sign the Free Trade Agreement with theUnited States.
As of today, the key regional partners of Bahrain for export are SaudiArabia and United Arab Emirates. At the international level, the country conducts aneconomic dialogue with the United States, Japan and the countries of the EuropeanUnion. Undoubtedly, the main part of economic relations of Bahrain belongs to theArab states-members of the Council of Cooperation of the Arab States of the ArabianGulf, especially in the oil and gas industry. Thus, in accordance with Article 10o,paragraph 2 of the Basic Law of the Kingdom, the state makes efforts to achieveeconomic unity with the countries that are members of the Council of Cooperation ofthe Arab Gulf Countries and the League of Arab States, including the entire package ofmeasures, which leads to “deepening of relations, cooperation, coordination and mutualassistance between them”254.At present, Russia does not yet occupy leading positions in economic and tradeties of Bahrain, but has a fairly wide range of mutual interests because of the various,and therefore complementary, structures of national economies.
Thus, both sides have awide range of promising areas for establishing a strong economic partnership. Forexample, the Kingdom has an attractive fiscal regime: no income tax, no VAT, nocorporate tax. Since 2006, the International Investment Park of Bahrain (MIBP) has252Россия и Бахрейн обсудили потенциал увеличения инвестиций и товарооборота [Электронный ресурс]// Официальный сайт Министерства промышленности и торговли РФ. – URL: http://minpromtorg.gov.ru/presscentre/news/#!rossiya_i_bahreyn_obsudili_potencial_uvelicheniya_investiciy_i_tovarooborota253Trade Profile.
The Kingdom of Bahrain. [Электронныи ресурс] // World Trade Organization URL:https://www.wto.org/english/thewto_e/countries_e/bahrain_e.htm254 ال د س تور/ [ ال بحري ن مم ل كة د س تورConstitution / Constitution of the Kingdom of Bahrain] // و ال ت شري ع ه ي ئةاالف تاءال قان ون.[LegislativeandStatutoryCommission][Electronicresource]–URL:http://www.legalaffairs.gov.bh/102.aspx?cms=iQRpheuphYtJ6pyXUGiNqq6h9qKLgVAb91been in operation - an industrial area of 247 hectares, where all conditions are createdfor companies orientated to work with the entire region, and not only with the market ofBahrain. The cost of renting one square meter in the MIBP is less than one and a halfdollars per year (including utilities).
At the same time, the Kingdom allows completeforeign ownership of companies. And if you consider that Bahrain has an agreement onfree trade with the US and a simplified visa regime with a large number of countries, itbecomes clear why many companies operating in the region prefer to keep their headoffices in Bahrain.For this reason, one of the key areas of bilateral cooperation is cooperation inthe field of investment. According to the Minister of Trade of the Russian Federation D.Manturov, today Russia considers the Kingdom of Bahrain as a reliable investmentpartner.
As from today, an agreement is in place between the investment funds of thetwo countries to invest 250 million dollars from the Bahraini side in joint projects and 9of them have commenced255. Over 50 million dollars has already been invested in retailtrade, commercial real estate, mining and logistics services.
Several dozens of projectsare currently under consideration. In 2017, six more transactions involving the Bahrainiside were closed, including investments in regional airports in Russia, real estate, andagriculture.In order to develop investment cooperation in April 2014, the countries signedan agreement on the promotion and protection of investments. At the same time, theBahraini investment fund Mumtalakat signed an agreement with the Russian DirectInvestment Fund (RFPI). In December 2014, these organizations agreed on theparticipation of Mumtalakat in co-financing almost all RFPI projects at a rate of 5%256.Russian banks and companies may consider Bahrain as a platform for listingtheir securities on the local exchange list (the list of securities admitted to exchangetrading).
Bahrain is interested in increasing the liquidity and capitalization of the stockmarket,diversifying255investmentopportunities.BeforetheIPOofZainРоссия и Бахрейн обсудили потенциал увеличения инвестиций и товарооборота [Электронный ресурс]// Официальный сайт Министерства промышленности и торговли РФ. – URL: http://minpromtorg.gov.ru/presscentre/news/#!rossiya_i_bahreyn_obsudili_potencial_uvelicheniya_investiciy_i_tovarooborota256[ ال م با شر ال رو سي اال س ت ثمار ص ندوق حولAbout the Russian direct investment fund] [Electronic resource] //Invest in Russia. – URL: http://ar.investinrussia.com/about92telecommunications company in autumn 2014, the last public offering in Bahrain washeld in 2010257. Political support for financial interaction with Russia and the readinessof the regulatory authorities to create conditions for the placement of Russian securitiesalso back up this possibility.In the same breath, Bahrain has the potential to act as a suitable platformthrough which Russian business can gain access to the financial markets of the region.The partial isolation of the largest Russian banks from the European and Americanfinancial markets and the increased pressure of sanctions on trade cooperation, the needfor alternative sources of stable financing for infrastructure and industry projects allserved as a stimulus to the discussion of the regulation of the activities of Islamicfinancial institutions in Russia.
Entry to the market can be made through the entry intothe capital of local or regional banks, the creation of joint funds. Some Bahraini (AlSalam Bank-Bahrain, Habib Bank Limited) and Russian (Rosselkhozbank andGazprombank) financial institutions are considering the possibility of bilateraltransactions in the territories of both countries, including syndicated lending to statecorporations, purchase of government bonds denominated in dollars , refinancing in theoil and gas sector, servicing deals in this area at the interstate level. Between Russia andBahrain there is already an agreement on the promotion and mutual protection ofinvestments258.Among the most attractive vectors of bilateral Russian-Bahraini cooperation atthe present stage, one normally hears energy, oil and gas industry, agriculture, financialsector, civil aviation, tourism and pharmacological industry.It should be noted that the potential of bilateral trade and economic relations hasnot yet been realized, despite the positive dynamics.
Since 2007, the Russian-BahrainiBusiness Council has started its work. The former head of VnesheconombankV. Dmitriev is the chairman of its Russian part; Bahrain's vice president of the Chamber257Economic Indicators // Central Bank of Bahrain. September, 2014Аль-Тамими Х. Российско-бахрейнские отношения в торгово-экономической сфере на современномэтапе // Международные отношения. 2017. № 3. С.1-13. DOI: 10.7256/2454-0641.2017.3.2388425893of Commerce and Industry of Bahrain Khalid Abdurrahman Almoayed is the Bahrainipresident259.The trade turnover between Russia and Bahrain, not including oil deals, grew ata very fast pace - from $ 6 million in 2008 to almost 135 million in 2011.
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