The Bahrain Economic Development Board (Bahrain EDB) has signed a Memorandum of Understanding (MOU) with the Japan External Trade Organization in Dubai (JETRO Dubai). This new partnership will further strengthen relations between the Kingdom of Bahrain and Japan, resulting in a stronger partnership, and one helps to highlight Bahrain as an investment destination for Japanese companies.
The signing ceremony was held on December 12th 2021, at the Bahrain Pavilion at EXPO 2020 Dubai, followed by speeches and a reception attended by representatives from both parties.
“Bahrain’s strategic location coupled with its strength in sectors such as logistics, ICT, and finance makes it an attractive destination for Japanese investments,” said Nobuhiko SASAKI CEO/Chairman of JETRO. “Through this MoU, we look forward to creating new opportunities for Japanese companies looking to launch or expand businesses throughout the Middle East.”
“Bahrain’s developed regulations, competitive operating landscape, and skilled workforce are some of the key reasons why we continue to be an attractive destination for international investments from various markets,” said H.E. Khalid Ebrahim Humaidan, Chief Executive of Bahrain EDB. “We are excited for this partnership which will further solidify Japan as a key strategic market for us, and we look forward to a fruitful collaboration with Jetro.
The MOU between Bahrain EDB and JETRO Dubai, has several key aims, including:
- Exchange of information in order to attract investment in both countries.
- Creating interaction opportunities between companies in Japan and the Kingdom of Bahrain in order to facilitate investment in various areas.
- Providing advice on activities by both Parties which will promote the development of a two-way economic and investment cooperation.
- Paving the way for economic and investment cooperation between companies in Japan and companies in the Kingdom of Bahrain.
- Promotion of strategic sectors with mutual benefits to both the Kingdom of Bahrain and Japan.
As a gateway to the region’s US$1.4 trillion GCC market, Bahrain also provides unique technical skills. In fact, Bahrain was recently ranked as 1st in the GCC for availability of advanced computer programming talent in ICT as a percentage of the population, according to the International Telecommunication Union (ITU).
Japan’s current FDI in Bahrain is already amongst the top 10 by stock and flows and Bahrain looks forward to growing this ranking further through initiatives such as this MOU that will facilitate more Japanese corporations to establish presence in the Kingdom. As referenced above, Bahrain has also recently embarked on a National Economic Recovery Plan to drive economic growth based on five main pillars including, enhancing the overall business-friendly environment to attract foreign direct investments and create new investment opportunities across the Kingdom by launching over US$30 billion of strategic projects. Find out more about these projects through the website www.invest.bh.