April 02, 2015
Manama: The Bahrain Economic Development Board (EDB) and the Department of Commerce of the Hunan Province in China today signed a Memorandum of Understanding (MOU) emphasising economic and investment cooperation in various sectors, including infrastructure, financial and banking services, energy, pharmaceutical, technology and communications as well as consumer goods.
This follows on the visit by a high ranking Chinese business delegation to the Kingdom this week.
The agreement outlines means of cooperation in order to promote economic collaboration and investment projects in sectors of mutual interests, in line with international standards and individual national laws.
Commenting on the signing of the MOU, Mr. Khalid Al Rumaihi, Chief Executive of the EDB said:
“There has been a long history of bilateral trade and investment cooperation between Bahrain and China, and with the revival of the One Belt, One Road policy in China, we are looking forward to further enhancing our economic bilateral relations.
“This policy will link China with countries historically on the Silk Road, including Bahrain and other countries in the GCC, and will allow for greater cooperation. The MOU signed today, as well as the numerous visits that have been held between Bahrain and China, demonstrate a commitment to further developing this relationship”.
Mr. Xu Xiangping, Director General of Department of Commerce of Hunan Province, said:
“We are proud of the ongoing economic partnership with Bahrain, which is important to Chinese businesses. Through the signing of this MOU and our meetings with our Bahraini counterparts, we will strengthen this relationship, and will encourage even more cooperation between our two nations.
“This visit provided great insight on Bahrain’s investment climate and on the different sectors, and highlighted what Chinese companies can benefit from when investing in Bahrain, particularly when it comes to accessing the neighbouring GCC market”.
During their two-day visit, the delegation met with their business counterparts in the Kingdom at the Bahrain Chamber for Commerce and Industry (BCCI), where more than 20 B2B meetings were held between Bahraini and Chinese businessmen in the sectors; manufacturing, machinery, food and beverages, trade, financial services, textiles and construction among others.
The Hunan Province is known for its top ten industries including steel, electricity, chemicals, nonferrous metals, building materials, transportation equipment, agricultural and sideline processing, specialised equipment manufacturing and petroleum processing industry. Hunan has in the past fifty years maintained its focus on heavy industry, which Bahrain’s private and public sectors can benefit from. The total volume of Hunan’s imports and exports in 2012 reached around 22 billion US dollars, an increase of 15.5% over the previous year.
Last year, Bahrain and China celebrated 25 years of bilateral relations, and in October 2014, a 10 day visit by a high-level Bahraini business delegation to China aimed at strengthening economic and trade ties between the two countries. The trip, which included visits to four of China’s main commercial centres; Beijing, Guangzhou, Shenzhen and Hong Kong and followed on a successful visit by His Majesty King Hamad bin Isa Al-Khalifa to China in September 2013, and led to the signing of 13 agreements with a number of Chinese companies and trade entities.
The EDB established an office in China in 2013 as part of its strategy of attracting FDI into the Kingdom. The office assists with setting up meetings with potential Chinese investors as well as with inviting Chinese delegations to visit the Kingdom to learn more about Bahrain’s economic climate.
For Further information please contact:
Bahrain Economic Development Board
Tel: +973 17589966