Bahrain signs key finance and tech agreements with China

Bahrain and China made a series of technology and transport sector agreements, strengthening economic co-operation between the two.

A senior delegation from Bahrain visited the Chinese province of Shenzhen where government officials signed eight accords, the Bahrain Economic Development Board (EDB) said yesterday.

“Bahrain’s location as the gateway to the [Arabian] Gulf, and given the fact that it is one of the key countries along the new Belt and Road route, along with our open and liberal lifestyle, competitive business landscape, and world class regulation makes the kingdom the ideal location from which Chinese companies can access this $1.5 trillion GCC market,” said Khalid Al Rumaihi, the chief executive of Bahrain EDB.

Shenzhen is the first stop on the delegation’s nine-day tour of China’s principal commercial centres. They will visit Hangzhou, Shijiazhuan and Beijing to explore deeper economic ties with China ahead of the 30-year anniversary of establishing Bahraini-Chinese diplomatic ties in 2019.

In June, Bahrain EDB inaugurated its representative office for Southern China in Shenzhen, to facilitate more investments by Chinese companies in Bahrain.

In one agreement, EDB partnered with Shenzhen FinTech company IAPPPAY to establish a full mobile payment system in Bahrain and explore opportunities in cryptocurrency.

In another deal, EDB aimed to encourage private equity firm SoftBank China Capital, Wonder News and their investment portfolio companies to establish a presence in Bahrain, and use the kingdom as a regional hub to cover the Middle East.

“There are numerous opportunities for Chinese companies in the region, especially as the GCC markets continue to transform their economies,” Mr Al Rumaihi said.