RIYADH: A day after signing a £1 billion ($1.27 billion) investment pact, Bahrain and the UK formed a digital economy collaboration, strengthening their economic relations.
The new collaboration will assist modernize UK-Bahrain commerce in finance, cyber, and space.
The Memorandum of Understanding, signed by UK Business Secretary Kemi Badenoch and Bahrain’s Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, followed a Strategic Investment and Collaboration Partnership to diversify Bahrain’s economy, particularly in clean technology, business services, and manufacturing.
“Today’s agreement is the culmination of a flourishing relationship between the UK and Bahrain, strengthened by our many existing partnerships and synergies across logistics, technology, manufacturing, and more,” UK Minister for Investment Lord Dominic Johnson said of the MoU.
A trade pact with the GCC (Gulf Cooperation Council) will increase trade and investment between our nations, helping to expand our economies and generate high-skilled employment in the future.
Trade between the UK and Bahrain rose 93.5 percent to £3.1 billion in 2022, a new high.
Bahrain accounted for 0.2% of UK trade in 2022.
On Monday, UK Prime Minister Rishi Sunak and Bahraini Crown Prince Salman bin Hamad signed the investment arrangement with Mumtalakat, Investcorp, GFH Financial Group, and Osool Asset Management.