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Saturday, February 24, 2024

EDB signs three agreements with China

EDB signs three agreements with China
EDB signs three agreements with China

(Manama) – Three deals were signed between Bahrain Economic Development Board (EDB) and the China Hi-Tech Transfer Centre; Shenzhen Belt and Road Economy and Technology Cooperation Association; and Shenzhen Cross-Border E-Commerce Association, on the sidelines of a high-level Chinese business delegation’s visit to Bahrain. The deals aim to promote stronger economic ties between the two countries.

As part of the visit, the EDB hosted the China High-Tech Fair Bahrain Forum, where high level meetings were held between EDB officials, representatives from the private sector and Chinese officials and businesses. The event showcased business opportunities within Bahrain’s ICT sector.

HE Khalid Al Rumaihi, Chief Executive of the EDB, commented on the agreements signed: “The Government of Bahrain is fully committed to playing its part in China’s ‘One Belt, One Road’ mission of establishing a community of shared interests between China and the Arab World. Located at the heart of the Middle East, Bahrain is perfectly positioned to carry this vision forward.

“These agreements reflect our commitment to build on China and Bahrain’s already strong economic ties, to attract higher levels of investment and deliver high quality jobs in Bahrain.”

The first of the three agreements, signed with the China Hi-Tech Transfer Centre, aims to enhance cooperation in the area of ICT. It looks to do this by pledging regular and close contact between the two countries and through a mutual promotion of the China Hi-Tech Fair in Bahrain and neighbouring Gulf countries.

The second deal, with Shenzhen Belt and Road Economy and Technology Cooperation Association, has several key aims, including:

· Promoting the exchange of information, especially regarding general business environment and investment projects

· Exploring and facilitating emerging business opportunities and leveraging each other’s best policies

· Supporting an easy company registration process and aftercare assistance for businesses

The third MOU was signed with Shenzhen Cross-Border E-Commerce Association and aims to support in promoting and enhancing cooperation between the two sides.

Many Chinese businesses including leading global ICT solutions provider Huawei, Bank of China, CPIC, Dragon City, China Harbour Engineering Company, and CIMC have already established operations in Bahrain as a means of accessing the wider Gulf market. This market is now calculated to be worth approximately US$1.5 trillion and is expected to reach US$2 trillion by 2020.

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