The Economic Development Board (EDB) of Bahrain has signed an agreement with the Japan External Trade Organization in Dubai (Jetro Dubai) to promote direct investments, local reports have said.
This deal will result a stronger partnership between Bahrain and Japan, and also promote Bahrain as an investment hub for Japanese investors, said an EDB statement.
The agreement was signed on Sunday, December 12, at the Bahrain Pavilion of Expo 2020 Dubai.
“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 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 Khalid Ebrahim Humaidan, Chief Executive of EDB.
“We are excited for the this partnership which will further solidify Japan as a key strategic market for us, and we look forward to a fruitful collaboration with Jetro,” said Humaidan.
The agreement has several key aims, including:
- Information exchange to encourage investment in both countries.
- Creating engagement between companies in Japan and Bahrain to facilitate investment in various fields.
- Promoting strategic sectors for mutual benefits of both the countries.
- Facilitate economic and investment cooperation between companies in Japan and Bahrain.
According to the International Telecommunication Union, Bahrain ranked first in the GCC for having advanced computer programming talent in ICT as a percentage of the population.
“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,” EDB said.