Colombia to Suspend Coal Sales to Israel Over Gaza War

The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
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Colombia to Suspend Coal Sales to Israel Over Gaza War

The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images

Colombian President Gustavo Petro announced Saturday that his country will suspend coal exports to Israel as a rebuke against its deadly war against Hamas in Gaza.

Colombia is Israel's main coal supplier with exports of some $450 million in 2023, according to the Israeli embassy in Bogota, which remains operational despite Petro's government severing diplomatic ties in May, AFP reported.

Petro, Colombia's first leftist president and a fierce critic of Israeli Prime Minister Benjamin Netanyahu, said Saturday on X that coal exports to Israel would be suspended "until the genocide stops."

A government decree specified that the restrictions would remain "until the orders of provisional measures issued by the International Court of Justice (ICJ)... are fully complied with."

In late May, as part of a pending case brought by South Africa, the ICJ ordered Israel to halt its offensive on the southern Gaza city of Rafah, while also demanding the release of hostages and the "unhindered provision" of humanitarian aid into the Palestinian territory.

According to the Colombian government, the coal export ban will enter into force five days after the decree is published in the official gazette and will not affect goods that have already been authorized for shipment.

Bogota underscored coal's role as "a "strategic resource for the manufacture of weapons, the mobilization of troops and the manufacture of provisions for military operations."

Petro also said Colombia would stop purchasing weapons made by Israel, one of the main suppliers of the South American country's security forces.

On Thursday, the Colombian Mining Association expressed concern over the possibility of exports being suspended, noting a trade treaty between the two nations in place since 2020.

"Israel is a key destination for Colombia's thermal coal exports," the organization said in a statement, adding that banning shipments "jeopardizes confidence in markets and foreign investment."

Petro announced Colombia would sever ties with Israel in May over the Gaza conflict and open an embassy in Ramallah in the Palestinian territories.



Bahrain Draws Record FDI Inflow in 2023

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
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Bahrain Draws Record FDI Inflow in 2023

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain saw a surge in foreign direct investment (FDI) to a record $6.8 billion in 2023, up 148% from the previous year's figures, according to the latest World Investment Report (WIR 2024) by the United Nations Conference of Trade and Development (UNCTAD).

This boost contributed to Bahrain’s FDI reaching $43.1 billion, up from $36.2 billion in 2022.

Marking one of the highest ratios in the world, Bahrain’s FDI stocks relative to GDP stood at 99.7% as of the end of 2023, a figure significantly higher than the global average of 46.9%.

According to Bahrain’s Information & eGovernment Authority, the top countries contributing to Bahrain’s FDI stocks as part of a diverse portfolio include Kuwait (36%), Saudi Arabia (23%) and the UAE (10%).

Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB), said: “The milestone FDI inflows attracted in 2023 reflects the strength of Bahrain’s value proposition and continued standing as a trusted destination of choice for regional and global investors seeking best value operating costs in a strategic location that serves as an ideal gateway to the region and beyond.”

Bahrain continues to cement its reputation as an attractive hub for investments, where the government continues to prioritize the ongoing development of forward-looking regulatory frameworks alongside the implementation of strategic economic plans to encourage economic growth and diversification, said an EDB statement.

Bahrain’s nominal GDP increased from around $11 billion in 2003 to over $43 billion in 2023, marking an average annual growth of 7%, surpassing the global average of 5%.

In addition to securing healthy economic growth, Bahrain’s economy also diversified, the financial services sector overtook the oil sector as the highest contributor to real GDP, standing at 17.8% in 2023, marking a milestone achievement.

Alkhulaif added: “Backed by an agile government, highly skilled bi-lingual talent pool, and financially liberal environment, Bahrain has proven itself as a leading investment destination enabling leading companies to benefit from a business-friendly environment.”

“At Bahrain EDB, we continue to tactically work towards attracting increased investments from priority markets, supported by Team Bahrain, in the interest of sustaining economic growth and diversification.”

Attracting a total of $2.4 billion in investments from nine major projects and set to generate 3,000 job opportunities, the Golden License has been a pivotal initiative launched in Bahrain in April 2023, which has successfully encouraged increased regional and international investments.