Dubai, December 12 (BNA) The Economic Development Board (Bahrain EDB) signed a memorandum of understanding with the Japan External Trade Organization in Dubai (JETRO Dubai) to promote direct investments.
A statement by the Economic Development Board stated that this new partnership will enhance relations between Bahrain and Japan, leading to a stronger partnership, and will help highlight Bahrain as an investment destination for Japanese companies.
The signing ceremony was held here today at the Bahrain Pavilion at Expo 2020 Dubai.
“Bahrain’s strategic location coupled with its strengths in sectors such as logistics, ICT and finance makes it an attractive destination for Japanese investments,” said Nobuhiko Sasaki, CEO/Chairman of Jetro.
“With this MoU, we look forward to creating new opportunities for Japanese companies looking to launch or expand businesses throughout the Middle East.”
“Bahrain’s sophisticated regulations, competitive operating landscape, and skilled workforce are some of the main reasons why we continue to be an attractive destination for international investments from various markets.” said Khalid Ibrahim Humaidan, CEO of the Bahrain Economic Development Board.
“We are excited about this partnership that will cement Japan as our key strategic market, and we look forward to a fruitful collaboration with Jetro.
The Memorandum of Understanding has several main objectives, including:
• Exchange of information to attract investment in both countries.
• Creating opportunities for interaction between companies in Japan and Bahrain to facilitate investment in various fields.
• Providing advice on the activities carried out by both parties that would promote the development of bilateral economic and investment cooperation.
• Paving the way for economic and investment cooperation between companies in Japan and companies in Bahrain.
• Strengthening strategic sectors of mutual benefit for Bahrain and Japan.
As a gateway to the region’s $1.4 trillion GCC market, Bahrain also provides unique technical skills.
The kingdom recently ranked first in the GCC in terms of availability of advanced computer programming talents in information and communication technology as a percentage of the population, according to the International Telecommunication Union (ITU).
The Economic Development Board said that the current Japanese foreign direct investment in Bahrain is already among the top ten in terms of shares and flows, and Bahrain is looking to increase this ranking further through initiatives such as this Memorandum of Understanding that will make it easier for more Japanese companies to establish their presence in the Kingdom.
Bahrain recently embarked on a plan to revive the national economy to drive growth.
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