Bahrain partners with Hebei to build business ties
SHIJIAZHUANG, China, Nov. 21, 2018 /PRNewswire/ -- Today, a senior delegation from the Kingdom of Bahrain led by the Capital Governor HE Sheikh Hisham Bin Abdulrahman Al Khalifa and organised by the Bahrain Economic Development Board (EDB) met with Mr XU Qin, Governor of Hebei, and a number of local government officials and business leaders in Shijiazhuang. The parties also attended the Bahrain - Hebei Business Forum to discuss opportunities and strengthen cooperation. These come as part of the delegation's nine-day visit to China's principal commercial centres as Bahrain continues to develop business relationships across China.
Next year marks 30 years since China and Bahrain established diplomatic relations. In advance of the pearl anniversary, Bahrain is setting out to partner with Hebei - an essential region of China's economy - to explore opportunities to drive growth together. The Bahrain - Hebei Business Forum witnessed the signing of several memoranda of understanding ("MOUs") to include:
- An MOU between the EDB and Hebei Provincial Department of Commerce to strengthen information exchange, establish a regular investment information exchange and strengthen cooperation in economic and trade activities.
- An MOU between the EDB and CNBM International Corporation to explore opportunities for CNBM International to expand presence in Bahrain, mobilise Chinese building material manufactories, and promote high-level visits between the two parties.
- An MOU between the EDB and Baoding Hanyang Technology to explore the possibility of establishing a Middle East Management office in Bahrain, assess Bahrain's demand of 3D printing and the possibility of Hanyang partnering with local companies to develop the MENA market, and explore opportunities to construct platform that can facilitate exchanges in 3D printing.
These agreements represent an important step towards stronger economic ties between China and Bahrain. Capital Governor HE Sheikh Hisham Bin Abdulrahman Al Khalifa said, "Bahrain and Hebei share many things in common. As part of the Jing-Jin-Ji Economic Zone and the Bohai Bay Economic Region, Hebei plays a critical role in China's economic growth and development. As for Bahrain, we are the fastest growing economy in the Gulf region, and are driving growth and innovation across the Middle East."
"The forum helps both Bahrain and the Province of Hebei to better understand the business and regulatory environment, allowing for even further cooperation. We would like to take this opportunity to enhance our partnership with Bahrain and look to build a new chapter to encourage mutual growth", said Mr. LIU Xiaojun, Director-general of Foreign Affairs Office of Hebei Province.
Bahrain already has a history of partnership with China's leading firms to grow and evolve their businesses. In 2009, Huawei moved its headquarters to Bahrain - it is now creating and accelerating Bahrain's 5G mobile networks ecosystem, one of the most advanced in the world. In 2018, the Bahrain EDB opened its third representative office in China, aiming to facilitate more investment by Chinese companies in Bahrain.
"Our nine-day visit to China has been very successful, which has been demonstrated by fifteen agreements signed between Bahraini entities and their Chinese counterparts. We look forward to working with the Hebei government to create a supportive environment that can facilitate and promote business partnerships between Bahrain and Hebei. Together, we believe we can ensure continued prosperity across two of the world's most economically vibrant regions", said HE Khalid Al Rumaihi, Chief Executive of Bahrain EDB.
Bahrain is a country undergoing an ambitious digital transformation, with a dynamic, entrepreneurial culture. As one of the most open and liberal countries in the Gulf region, Bahrain is known for its unrivaled market access, world-class regulatory environment, highly competitive taxation system, the lowest operating costs in the region, high quality of life, and a skilled bilingual workforce. As China sets out to support its companies in their "going-out" efforts, Bahrain - the Gateway to Gulf - is perfectly positioned to be a partner of China, connecting Chinese companies to this high-spending region.
About Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The EDB works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.
SOURCE Bahrain Economic Development Board (EDB)
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