11^th PRIVATE SECTOR MEETING FORPRIVATE

THE PROMOTION OF TRADE AND JOINT VENTURE

INVESTMENT AMONG ISLAMIC COUNTRIES

MANAMA – KINGDOM OF BAHRAIN, February 5-7, 2005

Under the Patronage of His Highness Shaikh Khalifa bin Salman Al-Khalifa, Prime Minister of the Kingdom of Bahrain and in joint collaboration between the Bahrain Chamber of Commerce and Industry and the Islamic Chamber of Commerce and Industry, the 11^th Private Sector Meeting for Promotion of trade and Joint Venture Investment among Islamic countries will be held under the theme of “Role of Private Sector in the Economic Integration among Islamic Countries” in the city of Manama, Capital of the Kingdom of Bahrain from 5-7 February 2005. It is aimed at the promotion of Intra-Islamic trade and joint venture investment among Islamic countries. It will coincide with 10^th Islamic Trade Fair of the Islamic countries, which will be held in Manama from 5-9 February 2005.

Private Sector Meeting is organized annually by the Islamic Chamber of Commerce and Industry since 1994, in one of the 57^th OIC member countries. It is attended by a large number of businessmen and private sector representatives from the Islamic countries. OIC observer member countries and Muslim business communities in countries that are non-members of OIC can take part in the Private Sector Meeting. The Organizers can extend invitations to honorary participants from non-OIC countries after consultations with the concerned parties.

KINGDOM of BAHrain:

Bahrain is a Kingdom composed of 40 islands; its total area is 711.9 square kilometers. It is located at the middle of the Gulf close to the Eastern coast of the Kingdom of Saudi Arabia. Its three hours ahead of Greenwich Mean Time (GMT). The country, bear the name of the Island of Bahrain, which is the largest, covering an area of 591 sq. km. The Bahrain island is linked by bridge to the island of Muharraq, where is the Bahrain international airport. There is also another bridge links Bahrain to the island of Sitra, where the industrial area, oil reservoirs and the oil refinery. There are also many small islands mostly un-inhabited and known as shelters to the various breeds of migratory birds that cross Bahrain in their migration route during spring and autumn.

Population of Bahrain are comprised of original natives and expatriates, the total number of population is 650,000. Natives live in peace and harmony with the expatriates and they interact in a unique bond of fraternity and closeness. The existence of excellent network of hotels, apartments, restaurants and communication facilities attracted an increasing number of investment companies, international banks as well as tourists who come from the neighboring countries and the rest of the world.

Language: The official language of the Kingdom is Arabic, but English is also widely spoken in the businesses. Islam is the official religion of the Kingdom and the religion of the majority of its population.

Weather in Bahrain: Bahrain’s weather is hot in summer and moderate in winter. From November to April the weather is quite pleasant, the temperature varies from 15 to 24 degrees centigrade, it gets colder between December and March due to the Northern winds.      

Exchange Rate: The local currency is Bahraini Dinar, its exchange rate is: 2.64 US$.

Membership of International Organizations: Bahrain is a member of the following organizations: UNO, OIC, GCC, Arab League, and WTO.

FOREIGN TRADE:

The following table illustrates the value growth of non-oil external trade of the Kingdom of Bahrain from 1998 to June 2004. Figures stated below are in Bahraini Dinar. 

11^TH PRIVATE SECTOR MEETING FORPRIVATE  THE PROMOTION OF TRADE AND JOINT VENTURE INVESTMENT AMONG ISLAMIC COUNTRIES

GENERAL FRAMEWORK:

As per the mandate given to the Islamic Chamber of Commerce and Industry by the 9^th Ministerial Session of COMCEC held in September 1993 in Istanbul - Turkey, to organize annual Private Sector Meetings in a selected member country, and in accordance to Memorandum of Understanding signed with the Bahrain Chamber of Commerce and Industry, the 11^th Private Sector Meeting forPRIVATE  the Promotion of Trade and Joint Venture Investment among Islamic countries will be held.

REASONS FOR PARTICIPATION:

The Private Sector Meeting is not a one way platform only for talks and discussions, but it is an event for interaction, it gathers businessmen to have face to face discussions with the concerned project sponsors and potential investors. The meeting brings together enthusiasm with experience and combines creative ideas with financial acumen. It provides the businessmen opportunity to meet and develop long term relations with their counterparts from the other Islamic countries. It is rarely that such a great number of experts, Government officials, financial agencies and leaders of private sector meet in one place and at the same time.

The meeting creates awareness among business communities about possibilities of cooperation in joint venture industrial investments and contributes in enhancement of trade among Islamic countries. It also aims at attracting investments and technology transfer through cooperation in joint industrial ventures. Moreover, Member Countries Chambers and Board of Investment of selected OIC Countries make presentations about need of financing their projects. They also explain what policies have been formulated in their countries to attract investment and foreign traders with least trade restrictions.

WHO CAN ATTEND:     

The 11^th Private Sector Meeting will be attended by all those professionals who know how to transform ideas and opportunities into tangible realities. It is expected that about 150 – 200 delegates including Ministers of Industry, Trade and Commerce of some OIC Countries, Islamic Banks and Financial Institutions from 57 OIC Countries will take part in the private sector meeting. The Islamic Development Bank Group, such as Islamic Corporation for the Development of the Private Sector (ICD) and Islamic Corporation for Insurance of Investment & Export Credit (ICIEC) will also attend the said event.

Matching projects to investment is fundamental to the Private Sector Meeting and the ideal mechanism for achieving this is by submitting Project Profiles for setting-up new or expansion of industrial enterprises in OIC Countries.

The Islamic Chamber is regularly organizing Private Sector Meetings on an annual basis since 1994. Until now, Ten Private Sector Meetings were held. They have proved highly successful in collecting large number of Industrialists and traders from Islamic Countries for bilateral contact meetings and discussions on particular economic and business issues confronting them. Representatives from International Financial Institutions including IDB attended these annual gatherings of businessmen with a view to entertain joint venture projects and applications for trade financing.

OBJECTIVES OF THE MEETING:

Strengthening, Liberating and Promoting Trade in the Islamic World:

Investment and trade promotion by generally accepted definition means "to make investment and trade happen". Private Sector Meeting may be classified as a set of marketing activities through which the project sponsors try to attract foreign investors and the traders try to expand their business activities. Private Sector Meeting includes the following activities:

1.   To generate foreign direct investment, with the possibility of discussing any observation with regard to the foreign investment laws;

2.   To match prospective investors with local sponsors;

3.   To facilitate sponsors and investors;

4.   To serve as a platform for industrial and trade collaboration.

The above activities comprise investment project matchmaking and supporting the potential partners until they are committed to or have commenced an industrial partnership. In other words these meetings provide opportunity and create conducive platform, where sellers, buyers, project sponsors and potential partners can meet and agree to initiating joint ventures.

The Meeting has two fold objectives, one within the context of trade and the other in joint venture investment and will be based on bi‑lateral and multi‑lateral contacts. The main aims of the meeting are:

1)   To strengthen the economic development of the Muslim Ummah through the development of their business by increasing the present level of inter‑Islamic trade and by enhancing the inflow and outflow of investments.

2)   To serve as a platform for industrial and trade collaboration between Less Developed and More Developed Islamic Countries.

3)   It will specifically provide an opportunity to the project sponsors to meet and discuss their projects face‑to‑face with interested potential investors and Islamic Financial Institutions including the Islamic Development Bank Group which include Islamic Corporation for the Development of Private Sector (ICD), Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and to agree upon specific practical arrangements for the implementation of projects. You can benefit from this arrangement by filling the form number (4) and return it before 30 December 2004.

EVENTS:

The 11^th Private Sector Meeting for the promotion of trade and joint venture investment will be held from 5-7 February 2005 as follows:

First day:        Joint Inauguration for both the Private Sector Meeting and the Islamic Trade Fair.

The first day of the Private Sector Meeting will also include:

Presentations: will be made by:

·          Islamic Development Bank (IDB),

·           Islamic Corporation for the Development of Private Sector (ICD),

·           Islamic Corporation for Insurance of Investment and Export Credit (ICIEC),

·          The Kingdom of Bahrain, the host country;

·          Some other Countries / Regional and International Organizations.

            The objective of the presentations is to familiarize the participants with the services, functions and objectives of these Institutions and the investment climate and opportunities of their Countries, covering their various sectors of economy and capacities and capabilities for cooperation with other OIC Countries.

Second day:

The second day of the Private Sector Meeting will include:

Bi-Lateral Contacts

·          The Meeting will consist of a series of individual discussions between the Traders / Project Sponsors and potential Investors.

·          An individual Programme will be prepared for each participant according to his/her interest in any specific product or project identified by the Islamic Chamber for this Meeting.

·          A preliminary list of projects giving the project title, capacity, total investment cost, type of assistance sought, study if available and address of sponsor/promoter will be provided to the participants.

·          On the basis of individual interests, prospective foreign investors can be supplied, on request, with Project Profiles.

·          For the purpose of marketing and promoting projects and products the Form number (4) has been prepared; it is for facilitating business contacts. All interested parties shall fill the particular information with regard to the offer of export or import or any other similar offers. In the light of such information the Islamic Chamber will match the particulars and arrange for the bilateral contacts during the meeting.

·          Documents will be provided to participants on import and export opportunities of member countries, list of industrial joint venture projects, information material on investment climate of the Kingdom of Bahrain in addition to other related information.      

Third day

·        Closing Session of the 11^th Private Sector Meeting

·        Visit to some industrial sites.

VENUE OF THE MEETING:

The working sessions of the meeting will be held in Bahrain International Exhibition Centre.

MEETING LANGUAGE:

The Meeting will be conducted in Arabic with simultaneous interpretation in English and French. Arrangements will also be made to provide translation facilities, if required, during the bi-lateral contact sessions.

PARTICIPATION FACILITIES:

1) REGISTRATION:

Interested participants should fill and return the Form No. (1) duly completed to the Islamic Chamber or to the Bahrain Chamber of Commerce and Industry at the earliest or latest by January 15, 2005.

2) TRAVEL:

The GULFAIR the main carrier of these two events will provide discounted fare at all routes used by the said airlines to Bahrain worldwide and at all classes. For further information to obtain the discounted rates you can write to the Airline offices or approach its agents and mention the name of the event.

3) HOTEL RESERVATIONS & ACCOMMODATION:

Please confirm your required reservation in a hotel according to discounted rates given to the participants by filling the Form number (2) and send it directly to the hotel or to the Bahrain Chamber of Commerce & Industry at the earliest or latest by 30^th December 2004:

4) ENTRY VISAS:

To obtain entry visa to the Kingdom of Bahrain, please fill up the Form number (3) and send it to the Bahrain Chamber of Commerce and Industry at its address latest by 15 January 2005.          It may be mentioned that All the participants of the 11^th Private Sector Meeting are exempted from entry visa fee for a period of seven days.

PARTICIPANTS:

1.      Private sector representatives operating in the manufacturing and services sectors in the member Islamic Countries and Islamic Community in non-OIC Countries.

2.      Representatives of financial institutions interested in financing activities of private sector business enterprises in OIC Countries.

3.      International financial organizations.

4.      UN related agencies.

5.      Representatives of Ministries and Governmental Organizations of Islamic countries and those of the federations/councils of chambers of commerce and Industry as well as the national chambers. 

WHAT IS THE NECESSITY FOR ATTENDING THE MEETING?

The Private Sector Meeting is a highly interactive event bringing together, face-to-face, business people with projects and interested potential investors. The Meeting matches enthusiasm with expertise; fine ideas with financial acumen. It will also allow entrepreneurs to first meet, and then develop long-term relationships with their counterparts in other Islamic Countries as well as with the senior officials of the host country.

            All trade and trade related investment entities, Project Sponsors, Investors, Enterprises, Business houses, Businessmen, Traders, Firms, Organizations, Institutions, Banks, Financial Institutions from OIC Countries are called upon to attend this important event.

Role of Islamic Development Bank for Private Sector Development:

1.            idb Group consists of six windows for financing:

·          Islamic Development Bank (parent institution),

·           IDB Unit Investment Fund,

·          Islamic Banks’ Portfolio for Investment and Development,

·           Islamic Corporation for the Insurance of Investment and Export Credit,

·          IDB Infrastructure Fund

·          Islamic Corporation for the Development of the Private Sector.

2.      IDB has been supporting the private sector development in member countries in many ways since its establishment. The efforts made by the Bank include creation of separate windows and institutions to strengthen private sector activities in member countries. The Medium Term Strategic Agenda of the Bank adopted in 1994, identified private sector development as one of the major development themes to be promoted by the Bank through its financing and other activities.

3.      IDB aims at financing productive projects through a number of medium to long-term financing modes, such as leasing, installment sale, istisna’ (manufacturing order), equity participation, interest-free loans and diminishing participation.

4.      IDB it also aims to encourage trade exchange among member countries, where short-term import and export financing schemes by way of murabaha provide an opportunity for meeting the needs of member countries and beneficiaries for strategic goods and commodities of a developmental nature.

5.      IDB also provides technical assistance for project preparation, the transfer of technology and know-how and the institutional support for the benefit of member countries.

ORGANIZERS / CONTACT PERSONS :

   For further information you can contact the organizers on the above addresses.