SCCI Initiates Discussions with Estonia and Russia to Strengthen Agricultural Investment Links
2 min
The Sharjah Chamber of Commerce and Industry (SCCI) has begun discussions with business groups from the Republic of Estonia and the Russian Federation aimed at bolstering investment collaboration in the agriculture sector.
These conversations occurred alongside a business gathering that featured Abdullah Sultan Al Owais, Chairman of the SCCI, and Madis Kallas, the Estonian Minister of Regional Affairs, at the SCCI headquarters.
During this meeting, the chamber explored with the Estonian delegation potential areas for collaborative efforts and ways to enhance ties between the business communities of Sharjah and Estonia. The focus was on leveraging each other’s strengths and sharing knowledge to ensure the success of agricultural initiatives and encourage investments in this very important sector.
Distinguished attendees included Mohammad Ahmed Amin Al Awadi, SCCI’s Director-General; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector; Fatima Khalifa Al-Muqrab, Head of the International Relations Department at the chamber; and Tõnis Tänav, the Estonian Deputy Secretary-General for Fisheries Policy and Foreign Affairs.
Abdullah Sultan Al Owais highlighted the chamber’s dedication to fostering investment in agriculture, aligned with Sharjah’s strategic vision for sustainable agricultural growth and food security. He also stated, “Our engagement with the delegation from Estonia underscores our commitment to acquiring global agricultural expertise. Our goal is to expand the network of businesses in this essential sector, enhancing their competitive edge and growth potential, and facilitating the launch of new ventures.”
In addition, he noted that Sharjah’s strategic position and inviting investment environment, coupled with its role as a key commercial and industrial center in the region, present profitable opportunities for investors in the agricultural sector.
In a separate meeting with a delegation from the Russian Federation, led by Vitaly Stepanov, CEO of the Moscow Export Center, discussions revolved around fostering cooperation and trade between Sharjah and Russia in the sectors like agriculture and food production, achieving food security, and mutual participation in expos focused on advanced agricultural technologies.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
