Manama, Kingdom of Bahrain: The Bahrain Economic Development Board (EDB) has signed a Memorandum of Cooperation (MOC) with Japan Cooperation Center for the Middle East (JCCME) to promote bilateral trade and investment between the two countries. The agreement was finalised during recent meetings in Tokyo as part of Bahrain EDB’s ongoing work in Japan, where it has previously set up a permanent international office.
In addition to recent developments, Bahrain and Japan have a long history of economic and diplomatic relations, stretching back to the dispatch of the first Bahraini oil shipment to Japan in 1934. Bahrain is already home to a number of leading Japanese companies, including Nomura Securities, Toyota, Yokogawa, and Daiwa Securities.
Alongside economic and political ties, there are strong cultural bonds between the two countries. Bahrain is home to a Japanese school, a Japanese Studies Centre (at the University of Bahrain) as well as various cultural activities that are hosted in the Kingdom, including a Japanese Film Festival that was hosted at the National Museum in November 2013.
H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: “We are delighted to announce that Japan Cooperation Center for the Middle East will strengthen our cooperation with a country that is already one of our most important international trade and investment partners.
“Japanese businesses have long had a prominent global presence and as more companies look to expand internationally, we expect many of them to take advantage of the opportunities in the Gulf market.”
As a leading business and financial hub at the heart of the Gulf, a market now worth $1.5 trillion, Bahrain has long been considered the gateway to the region for businesses in Japan and internationally, with easy access to the large economies of Saudi Arabia, Kuwait and Qatar. The Kingdom’s highly skilled bilingual local workforce and low cost of doing business mean that it is a natural home for firms looking to invest in the region.
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 attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
Jenan Al Maskati, Bahrain Economic Development Board
Tel: +973 17 589 930