Bahrain-Singapore Synergies Provide Mutual Opportunities
EDB Cheif Executive in Singapore to Encourage Cooperation
23 March 2009, Manama: Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of Bahrain’s Economic Development Board (EDB), today arrived in Singapore to encourage further understanding and cooperation between the two countries.
Shaikh Mohammed’s four-day visit (23-26 March) is part of the Middle East Eminent Persons Programme (MEEPP), jointly organized by the Singapore International Foundation (SIF) and the Ministry of Foreign Affairs (MFA). Launched in 2007, the programme aims to promote personal and institutional linkages between leading Middle East and Singapore personalities in government and the private sector through the exchange of views on areas of mutual interest.
Bahrain and Singapore have a longstanding, close diplomatic relationship and strong economic and trade connections. Singapore’s CapitaLand became the first Singaporean mega-company to invest in the Middle East when it joined with Bahrain-based investment bank Arcapita – which itself has a regional headquarters in Singapore – for the Bahrain Bay project. In October 2008, when Shaikh Mohammed last visited Singapore as part of a delegation led by His Highness Shaikh Salman bin Hamad bin Isa Al-Khalifa, the Crown Prince of Bahrain, Deputy Supreme Commander and Chairman of the EDB, the countries’ Stock Exchanges entered into a Memorandum of Understanding (MoU) to explore opportunities for collaboration to benefit their financial services industries.
Ahead of the visit, Shaikh Mohammed heralded the signing of a Free Trade Agreement (FTA) in December 2008 between Singapore and the GCC as a springboard for new business opportunities between the two nations, saying the agreement will help facilitate and promote an even greater flow of goods, services and investment between the countries and strategically link the Gulf region with Singapore. Shaikh Mohammed also commented on the economic values and advantages that the two island countries share.
“There are obvious synergies between Bahrain and Singapore; both are advanced logistics hubs , serving as strategic gateways to the Gulf and Asia regions respectively, are well established and respected financial centers, have invested in developing a well-educated national workforce, and have each signed a Free Trade Agreement (FTA) with the United States. Given these similarities it is no surprise that the current state of economic and trade relations are strong, and I anticipate that the meetings held during this visit will help underpin and build upon them.”
During this visit Shaikh Mohammed will meet with:
• Mah Bow Tan, National Development Minister
• Lee Yi Shyan, Minister of State for Trade and Industry
• Balaji Sadasivan, Senior Minister of State for Foreign Affairs
• Mr. Manohar Khiatani, Deputy Managing Director of Singapore’s EDB
He will also attend a dialogue session with the Singapore Business Federation (SBF). In October 2008, the SBF launched a joint initiative with Bahrain anticipating assisting approximately 400 Singapore businesses to set-up in the Middle East.
Shaikh Mohammed is the 11th distinguished person to have been invited to Singapore as part of the MEEPP. Those nominated are considered to have contributed extensively to the development of their own country.
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Notes to editors
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
More information on the Bahrain EDB is available at: www.bahrainedb.com
Further information
Farah Mattar, Economic Development Board
Tel: +973 17 589 999
Email: internationalmedia@bahrainedb.com
Alisdair Haythornthwaite, Bell Pottinger
Tel: + 971 566 901 725
Email: ahaythornthwaite@bell-pottinger.co.uk