The Bahrain Economic Development Board (Bahrain EDB) has officially launched its Singapore office — the investment promotion agency’s first in Asean.
In a Nov 14 statement, Bahrain EDB says the office will fast-track the investment journey of Singaporean businesses looking to tap into the US$4.3 trillion ($5.85 trillion) Middle East and North Africa market by providing curated market intelligence, guidance and connecting them with decision-makers.
The Singapore office is now operational and joins Bahrain EDB's network of 12 other global representatives. Outside of Asean, Bahrain EDB's Asian offices are located in China, Japan and South Korea.
The new Singapore office was announced ahead of the Singapore FinTech Festival 2023, which will be attended by high level representatives from the Bahrain EDB, led by chief executive officer Khalid Humaidan, alongside senior officials from the Central Bank of Bahrain and Bahrain FinTech Bay.
“We are delighted to establish a foothold in Singapore,” says Dalal Buhejji, executive director of business development for financial services at Bahrain EDB. “In addition to the Free Trade Agreement signed in 2013, this move is a giant leap for furthering our partnerships with Asian businesses which stand to benefit from Bahrain’s innovative investment climate and progressive regulatory framework.”
Singapore and Bahrain share many similarities, she adds. “Both [are] agile nations with flexible regulatory environments that are notably open-minded and progressive to foster digital innovation across sectors, and in the financial services market in particular.”
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Bahrain EDB says it attracted US$1.4 billion in direct investments in the first nine months of 2023. The investment promotion agency is responsible for attracting investment and supporting initiatives that enhance the investment climate. Bahrain EDB says it works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive.
Bahrain’s “digitally empowered” financial services sector was the top contributor to the country’s real GDP in 2022, representing 17.5%. According to Bahrain EDB, the sector comprises a “balanced portfolio of leading international traditional banking and financial institutions alongside fintechs and new digital asset players, including crypto assets and liquidity providers”.
The Singapore FinTech Festival 2023 will run from Nov 15 to 17 at the Singapore Expo.
