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FinancialNews
16-05-23
Saudi Arabia, Bahrain Strengthen Bilateral Trade, Cooperation in Key Sectors
(MENAFN) Saudi Arabia and Bahrain are set to enhance their bilateral trade relationship as senior ministers from both countries met in Manama to strengthen cooperation in various sectors. Led by Saudi Investment Minister Khalid Al-Falih, the Saudi delegation engaged in the third Saudi-Bahraini Coordination Committee meeting, where they discussed 13 initiatives of mutual interest. The meeting aimed to bolster joint cooperation in investment, environment, and infrastructure.
During the discussions, Minister Al-Falih emphasized the significance of private sector projects in Bahrain and Saudi Arabia as catalysts for economic growth. The Saudi government has announced plans to invest up to USD5 billion in development projects in Bahrain, following Crown Prince Mohammed bin Salman's visit to the country in December 2021. This initiative seeks to target key economic sectors in both nations, and joint platforms will be established in Bahrain to showcase viable investment opportunities. Additionally, a dedicated portal for Bahraini investors will be launched, and efforts to revitalize tourism integration between the two countries will be undertaken.
Minister Al-Kaabi of Bahrain expressed his country's commitment to creating investment opportunities that contribute to the development of vital sectors and stimulate economic growth. The ministers also discussed two forthcoming memorandums of understanding (MoUs) between Saudi Arabia and Bahrain. The first MoU will focus on sustainable waste management and will be signed between the National Center for Waste Management in Saudi Arabia and the Supreme Council for the Environment in Bahrain. The second MoU will be inked between the Bahrain Agricultural Development Co. and the relevant authority in Saudi Arabia, aiming to enhance cooperation in the field of food security.
MENAFN16052023000045014228ID1106250713
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