London: In the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, the Kingdom of Bahrain and the United Kingdom have signed the Second Strategic Investment and Collaboration Partnership (SIP2). This agreement was part of HRH's official visit to the United Kingdom.
According to Bahrain News Agency, the agreement was signed by Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, and Rachel Reeves, the UK's Chancellor of the Exchequer. Shaikh Salman bin Khalifa emphasized the robust relations between the two nations and the ongoing progress across several domains, focusing on finance and economy.
Shaikh Salman bin Khalifa noted that SIP2 is expected to drive economic growth and job creation in both Bahrain and the UK, particularly in key sectors such as financial services, technology, industry, and decarbonisation efforts. As part of the partnership, the Bahraini private sector will invest £2 billion in the UK to support projects aimed at carbon reduction and sustainable development.
He also stated that the agreement represents a significant milestone in the economic cooperation between Bahrain and the UK. It aligns with Bahrain's strategic objectives to foster an attractive investment environment and enhance the competitiveness of its national economy. Furthermore, he highlighted that the UK's recent accession to the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), invited by Bahrain and the United States, will further strengthen economic and strategic ties, creating opportunities that benefit both nations.
Shaikh Salman bin Khalifa reiterated the importance of deepening strategic partnerships with allied countries, which is crucial for supporting sustainable growth, generating quality employment, promoting innovation, and enabling the exchange of knowledge and expertise.