Bahrain's Economic Development Board (EDB) and Greater Paris Investment Agency of France have signed a deal to promote the two nations as business hubs and boost investments. The memorandum of understanding (MoU) was signed at the EDB headquarters by EDB chief operating officer Kamal Ahmed and the agency's vice-chairman Pierre Simon. The agreement will see the two organizations work in partnership to present Bahrain and France as ideal bases for investors looking to access the European and Gulf markets, said an EDB statement. Both parties will facilitate investment and partnerships between respective business communities. Under the deal, there is also an agreement to work with the relevant authorities to ease restrictions on doing business between the two countries and the hosting of workers, researchers and students from each country. “The board has intensified its efforts towards creating the right environment to attract higher foreign investments as part of the efforts to implement the initiatives of the Bahrain Economic Vision 2030,” Ahmed said at a press conference following the signing ceremony. “The plans are designed to drive the private sector as an engine for growth, support further diversification of the economy - already recognized as the most diversified in the region - and ultimately improve national living standards by creating greater opportunities for Bahrainis,” Ahmed said. “This MoU represents a unique opportunity for building close working relations and strong commercial and economic ties.” “In today's world, our ongoing reform program - driven by the Economic Vision 2030 - offers the optimum business environment for international companies such as those from France to do business both in and from Bahrain,” he added. “Bahrain is known for its attractive and liberal business environment from which international companies - including those from France - can best access the trillion-dollar Gulf market and wider Middle East. And the 35 billion euro ‘Grand Paris' project will transform the French capital into a world-class business destination for companies from the GCC wanting to access the French market and Europe,” Simon said. The delegation led by Simon, who is also the chairman of the Paris Chamber of Commerce and Industry, will meet, representatives from Bahrain Chamber of Commerce and Industry and Mumtalakat.
