The economic volume of the GCC countries combined together is more than $1.6 trillion and is poised to hit $6 trillion over the next five years, said a report citing the Bahrain Deputy Prime Minister Shaikh Mohammed bin Mubarak Al Khalifa.

He was addressing the main session of the 19th St Petersburg International Economic Forum being held in Russia, in the presence of Russian President Vladimir Putin. Shaikh Mohammed is attending the event on behalf of His Majesty King Hamad, reported the Gulf Daily News, our sister publication.

He pointed out that the Free Trade Agreement signed by Bahrain and the US has positively affected the flow of trade lines with the GCC countries, especially with freedom of ownership in Bahrain topping 100 per cent in most trade sectors, stated the report.

On theforum, the Deputy Premier described Bahrain's participation as an embodiment of strong relations between His Majesty and the Russian President.

He pointed out strong ties binding both countries for more than 25 years which are based on mutual respect and co-operation.

He added the two historic visits of His Majesty to Russia in December 2008 and October 2014 had positive results in boosting co-operation between the two friendly countries by concluding many agreements and memoranda of understanding.

The Deputy Premier affirmed that Bahrain's participation in the 19th edition of the forum stems from its interest in the issues on its agenda and keenness to take part in mapping out solutions to them.

Bahrain has always been an active gateway for trade and communication between civilisations, he stated.

'It has contributed to laying bridges of co-operation and communication between the region and the European continent thanks to the ability of Bahraini people to adapt quickly to contemporary changes,'stated Shaikh Mohammed, pointing out the kingdom's advanced, transparent and attractive organisational and legislative systems.

The Deputy Prime Minister underlined Bahrain's attractive investment climate, pointing out a five per cent economic growth of the non-oil sector and more than 400 financial institutions which turned Bahrain into a financial hub.

He noted that the kingdom enjoys a strategic location as a gateway to GCC countries given its direct link with the eastern region of Saudi Arabia.

Within the framework of the kingdom's infrastructure development plans, the Deputy Premier said investments would reach around $24 billion in housing, telecommunication, transportation, energy and diversification of revenues projects.

He affirmed that Bahrain is considered one of the advanced countries in the field of investment, ranking 18 internationally according to a report by Heritage Foundation and first regionally in 2014 according to the Economic Freedom Index.

The Deputy Premier also emphasised Bahrain's potentials to lead the growing Islamic economy, pointing out the kingdom's endeavours to become a pioneering regional hub for funding trade and construction.-TradeArabia News Service