EDB promotes investment in US, highlights key partnerships

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The Bahrain Economic Development Board (Bahrain EDB) has successfully concluded its visit to the United States, aimed at promoting investment opportunities.

The visit, which began on June 10, included four roundtable sessions as part of 'The Transformation Agenda' series and meetings with USbased companies in financial services, information and communications technology (ICT), and manufacturing sectors.

Leading the delegation was Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB.

During the visit, Bahrain EDB hosted a series of events programmed by Economist Impact in Austin, Texas, and New York City. Alkhulaif participated in roundtable discussions in New York, focusing on best practices for financial institutions in adopting digital assets amidst today's complex regulatory environment.

Senior members of Bahrain EDB also engaged in panel discussions on building resilience in global supply chains and bridging the talent gap for future economic growth.

The recent Comprehensive Security Integration and Prosperity Agreement between Bahrain and the US aims to enhance cooperation in defence, security, science, trade, and technology.

Since the establishment of the Free Trade Agreement (FTA) in 2006, non-oil trade between the two countries has reached USD 2 billion, marking an 84% increase in US exports to Bahrain from 2020 to 2023.

Additionally, Bahrain inaugurated the US Trade Zone in 2022, dedicated to US manufacturing and logistics companies. Several US companies have established operations in Bahrain, reinforcing the Kingdom's status as a prime regional investment destination.

Notable companies include Amazon Web Services (AWS), which has set up the region’s first hyper-scale data center; Mondelez, operating a factory exporting products to Australia and New Zealand; and Citi, which plans to hire 1,000 coders for its Global Technology Hub in Bahrain.