Japan and Bahrain have signaled their intention to forge closer ties and promote mutual cooperation, signing thirteen memorandums of understanding regarding their respective economies.
These agreements will encourage economic cooperation and joint investment between the two countries in the fields of healthcare and pharmaceuticals, education and training, oil and gas, and financial services. The agreements were signed between ministries and private sector companies during a five-day state visit by a senior Bahrain delegation led by Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain and chairman of the Economic Development Board (EDB).
The delegation also visited the cities of Osaka and Tokyo to strengthen bilateral relationships and highlight opportunities for investment in the Gulf kingdom. The agreements included one between the EDB, Mumtalakat, Kinoshita Pearl, Japan International Cooperation Centre and First Stem Cell Japan to promote and revitalize Bahrain’s pearl industry.
According to Kamal bin Ahmed, acting chief executive of the EDB, “we are delighted at the success of the delegation’s visit to Japan. Bahrain and Japan have long shared a profitable economic partnership and today’s announcements pay testimony to the benefits that both our countries can gain from working together.”
Japan and Bahrain already benefit from close ties with each other. Economic relations between the two countries date back to 1934, when the first shipment of Bahraini oil was dispatched to Japan. Japan is among the top trading partners of Bahrain and several major Japanese companies including Nomura Securities, Toyota Training Centre, Yokogawa, Daiwa Securities, Yamato Kogyo and SBI Pharmaceuticals, are based in the kingdom.
Despite political unrest at home, the government of Bahrain has pushed for greater economic partnership with developed countries in recent years. The government is keen to promote Bahrain’s relations with it’s international partners to enhance the Kingdom’s development efforts.