Bahrain and the United Kingdom (U.K.) have formalized their commitment through the signing of a second Strategic Investment and Collaboration Partnership (SIP2).
As part of this partnership, the Bahraini private sector is set to invest GBP2 billion ($2.7 billion) in the United Kingdom, focusing on projects that contribute to carbon reduction and sustainable development, Bahrain News Agency (BNA) reported)
The signing took place in the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, during HRH’s official visit to the United Kingdom.
The agreement was executed by Shaikh Salman bin Khalifa Al Khalifa, minister of Finance and National Economy, representing Bahrain, and Rachel Reeves, chancellor of the Exchequer, on behalf of the United Kingdom.
Shaikh Salman bin Khalifa emphasized the enduring strength of the longstanding relations between Bahrain and the United Kingdom, along with the consistent progress achieved across various sectors. He underscored the mutual dedication to enhancing cooperation, particularly in the realms of finance and economy.
He noted that the SIP2 is poised to promote economic growth and job creation in both nations, especially within shared priority sectors such as financial services, technology, industry, and decarbonization initiatives.
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A new milestone in cooperation
Shaikh Salman bin Khalifa highlighted that this agreement signifies a pivotal milestone in economic cooperation between the two countries. It aligns with Bahrain’s ongoing efforts to cultivate a dynamic and appealing investment climate while enhancing the competitiveness of its national economy.
He also pointed out that the U.K’s accession to the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), following an invitation from Bahrain and the United States, will strengthen economic and strategic ties, creating new opportunities that benefit both nations and their populations.
Shaikh Salman bin Khalifa underscored the critical importance of deepening strategic partnerships with allied countries to foster sustainable growth, generate quality employment opportunities, boost innovation, and facilitate the exchange of knowledge and expertise.
