Kuwait City: Bahrain and the United Arab Emirates (UAE) have announced that their agreement on the promotion and protection of investments has officially entered into force. This development comes after both nations completed the required legal procedures stipulated by the agreement.
According to Kuwait News Agency, the agreement underscores the strong economic partnership between Bahrain and the UAE, aimed at bolstering investment in alignment with the development goals of both countries. It sets up a comprehensive legal framework that guarantees full protection for investments, fosters investor confidence with fair treatment, and provides mechanisms for resolving disputes.
The agreement also addresses the digital economy, emphasizing cooperation in digital trade. This includes aspects such as data protection, privacy, cybersecurity, intellectual property rights, and the use of electronic signatures and authentication. It promotes the exchange of best practices and technical capacity-building, aligning with both countries' aspirations for digital transformation and economic competitiveness.
Sheikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, stated that Bahrain values enhancing cooperation with the UAE. He acknowledged the importance of bilateral agreements in advancing collaboration, aligned with the visions of King Hamad bin Isa Al Khalifa and Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE. Bahrain is committed to strengthening investment cooperation both regionally and internationally, having already signed nearly 40 agreements to promote and protect investments.
Mohammad bin Hadi Al Hussaini, UAE's Minister of State for Financial Affairs, remarked that the agreement's entry into force reflects a mutual commitment to reinforcing bilateral economic relations. It further advances Gulf economic integration and responds to evolving economic conditions globally. Al Hussaini emphasized the need for continued coordination between the relevant authorities in both countries to ensure the agreement's objectives are achieved, enhancing the competitiveness of both economies and unlocking new investment opportunities.
Minister Al Hussaini also noted that the agreement acts as a springboard for expanding strategic partnerships between the two nations. It encourages reciprocal investment, facilitates capital flows, and provides an investment environment based on transparency and fairness, supporting the vision of both countries for a diverse and competitive economy driven by innovation.