Economic Development Board opens office in Turkey

Manama : Bahrain Economic Development Board (EDB) yesterday announced the opening of its new office in Turkey. The initiative follows a series of meetings with the Bahraini-Turkish Joint Commission in Ankara, which took place last year following His Majesty King Hamad bin Isa Al Khalifa’s visit to Turkey in August. This was followed by a visit from President Erdoğan to the Kingdom in February of this year.

Commenting on the move, Chief Executive of the EDB, Khalid Al Rumaihi said: “The new office aims to increase communication with Turkish investors and will play a vital role in strengthening partnerships between the two countries economy.”

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages. These include financial services, manufacturing, ICT, tourism, logistics and transport.

Bahrain is home to 30 Turkish companies, including leading financial institutions such as Ziraat Bankası and Türkiye İş Bankası. The total trade between Bahrain and Turkey reached over $360 million in 2015.

Agreements signed between Bahrain and Turkey include an agreement to avoid double taxation and a bilateral investment promotion and protection agreement.