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| Kamal Bin Ahmed, Bahrain's transportation minister |
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"The new visa policy will provide easier and quicker access for businesses with operations in Bahrain and will also help to attract more tourists to the kingdom," Minister of Transportation Kamal Bin Ahmed said in an email interview with The Korea Times.
He noted that the changed rule is an important development as Bahrain is among the countries with the most flexible visa policies in the Mideast region.
The minister said visitors from 65 countries will be able to receive visas upon arrival in Bahrain, adding that these visitors will also be eligible to apply for their visas electronically ahead of their arrival in the kingdom.
Under the revised rule, visitors from an additional 36 countries will also be able to exclusively obtain electronic visas, bringing the total of eligible e-visa countries to 101.
Visitors will also be able to spend longer periods of time in Bahrain as visas will be valid for a month from the current 14 days and can be renewed for up to three months. In addition, multiple-entry visas will be issued beginning in early 2015.
Bin Ahmed, concurrently acting chief executive of the Bahrain Economic Development Board (EDB), said South Korean citizens have been able to obtain a visa on arrival in the island country since earlier this year.
The number of foreign travelers visiting Bahrain increased to 9.1 million last year from 8 million in 2012 and 6.7 million in 2011, according to the country's official statistics. In 2013, 35,997 South Koreans visited the kingdom.
"Throughout history, Bahrain's economic progress has been built on a tradition of openness, based around its role as an established hub for trade and investment. The new visa policy follows that tradition," the minister said.
He added the change reflects key trends in the investor base in the kingdom, including a 58-percent increase in international investors who own businesses in Bahrain between 2005 and 2012.
The UNCTAD World Investment Report 2014 released in June confirmed that total foreign direct investment (FDI) into Bahrain in 2013 was $989 million, an 11-percent increase from 2012, outpacing global average growth of 9 percent.
Minister Bin Ahmed stressed that Bahrain provides great business opportunities for foreign investors as they can have free and easy access to the Gulf Cooperation Council (GCC) market, of which its value is estimated at $1.6 trillion.
He also pointed out that Bahrain provides a liberal and open business atmosphere.
In the Heritage Foundation's 2014 Index of Economic Freedom, Bahrain was ranked 13th in the world and 1st in the Middle East and North Africa (MENA).
International investors enjoy 100 percent foreign ownership and free movement of capital, profits and dividends. It also has a highly competitive tax regime, with no corporate or personal tax. It also boasts of low costs and the most skilled and bilingual workforce in the region.
Due to these factors, Bin Ahmed expressed his hope of attracting more South Korean investors into his country.
"There exists opportunities for South Korean-based businesses ― particularly in sectors such as logistics and distribution, information technology, financial services, light manufacturing and healthcare ― to take advantage of Bahrain's new visa policies to access the fast growing GCC market," he said.
Hyundai Heavy Industries, Samsung Electronics, Woori Bank and Korea Exchange Bank have maintained their business operations in the kingdom.
