Bahrain Economic Development Board (Bahrain EDB), concluded its visit to the United States to promote investment opportunities, which commenced on June 10.
The trip comprised four roundtable sessions as part of ‘The Transformation Agenda’ series hosted by Bahrain EDB and meetings with US-based companies in financial services, information and communications technology (ICT), and manufacturing.
The trip was headed by Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB.
Alkhulaif underscored that the US is an important target market for Bahrain EDB, highlighting the Kingdom’s strategic location, progressive regulatory environment, and skilled workforce.
‘Bahrain and the US have a long standing strategic and commercial relationship where Bahrain was the first nation in the Gulf to sign a Free Trade Agreement with the US offering privileged access to the largest market in the world, this has led to a robust portfolio of companies choosing Bahrain as a destination fo
r investment to tap into the Gulf market and beyond,’ Alkhulaif said.
‘With the signing of pivotal agreements designed to further fuel multilateral cooperation and the establishment of key investment projects in the likes of the US Trade Zone,’ she added.
‘These wide-ranging initiatives have effectively encouraged increased investments and boosted exports, which aim to further enhance Bahrain’s economic position and achieve sustainable growth.’
As part of the visit, Bahrain EDB hosted a series of events programmed by Economist Impact, which offered an opportunity to exchange knowledge on trending industry topics and strengthen cooperation with investors in Austin, Texas, and New York City.
Alkhulaif joined roundtable discussions in New York, which reviewed best practices for financial institutions to strategically plan to adopt digital assets in today’s complex regulatory environment.
Senior members of Bahrain EDB also participated in various panel discussions, which focused on building resilience in new
global supply chains, and how economies and industries are adapting to bridge the talent gap and prepare for the future.
The recent signing of the Comprehensive Security Integration and Prosperity Agreement between the two countries aims to promote cooperation in various domains, including defence, security, science, trade, and technology.
Trade has increased since the FTA’s establishment in 2006, with non-oil trade reaching USD 2 billion, marking an 84% increase in US exports to Bahrain from 2020 to 2023. Bahrain inaugurated the US Trade Zone in 2022, an exclusive for US manufacturing and logistics companies.
Several US companies have established operations in Bahrain, highlighting the Kingdom’s prime regional investment destination.
These companies include Amazon Web Services (AWS), which has established the region’s first hyper-scale data centre, Mondelez, which operates a factory that exports products to Australia and New Zealand, and Citi, which announced in 2021 its plan to hire 1,000 coders for its
Global Technology Hub in Bahrain.
Source: Bahrain News Agency