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.
“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,” Khalid Al Rumaihi, Chief Executive of the EDB said.
“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 demonstrating a commitment to further developing this relationship.”
“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 nation,” Xu Xiangping, Director General of Department of Commerce of Hunan Province, said.
“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”.