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The UK’s investment minister Baroness Poppy Gustafsson will be arriving in Bahrain today and plans to discuss a second Strategic Investment Partnership between Bahrain and the United Kingdom.
Baroness Poppy Gustafsson will be in Bahrain today and tomorrow to meet with key government counterparts, major investors and businesses, her Press office announced in a statement.
“Securing investment is an integral part of this government’s ‘Plan for Change’, so it’s great to be in Bahrain to speak to key investors and decision-makers to build on the success of our first Strategic Investment Partnership,” Baroness Gustafsson said.
“Building on the momentous trade deals agreed with India and the US last week, the UK is committed to negotiating a high-quality agreement with the GCC that boosts economic growth and delivers higher wages and increased investment into the UK.”
Her visit aims to strengthen economic ties, advance trade negotiations, and explore new investment opportunities between the UK and Bahrain, building on the success of the first UK-Bahrain Strategic Investment Partnership, agreed in 2023.
Within a year, the UK-Bahrain Strategic Investment Partnership generated £1 billion (BD498.7 million) in investment from Bahrain’s private sector into the UK economy, through sovereign wealth fund Mumtalakat, Investcorp, GFH Financial Group and Osool Asset Management.
His Royal Highness the Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa had met with Britain’s then-Prime Minister Rishi Sunak at 10 Downing Street, during an official visit to the UK, in order to complete the agreement.
The memorandum – signed by Bahrain’s finance and national economy minister Shaikh Salman bin Khalifa Al Khalifa and the UK’s then-Investment Minister Lord Dominic Johnson of Lainston CBE – also aimed to support the diversification of Bahrain’s economy and boost co-operation between the two countries in clean technology, business services and manufacturing.
Following the success of the investment agreement, at last year’s International Institute for Strategic Studies Manama Dialogue held in Bahrain from December 6 to 8, the UK also joined the US and Bahrain in the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), bolster the UK’s strong security and economic cooperation with Bahrain.
During Baroness Gustafsson’s visit, discussions are expected to lay the groundwork for a second investment partnership.
According to her press secretary, Baroness Gustafsson will meet with key Bahraini officials, including the industry and commerce minister Abdulla bin Adel Fakhro and Shaikh Salman.
Talks will focus on resolving trade barriers, boosting bilateral economic cooperation, and reinforcing the UK’s commitment to deeper engagement with Gulf Cooperation Council (GCC) countries.
The Minister will also engage with senior executives from major Bahraini and regional firms, including Al Zayani Investments and Gulf Finance House to discuss new avenues for cross-border investment and business collaboration.
“This visit comes as UK-GCC FTA negotiations are progressing at pace,” a press statement added.
“A successful deal will deliver targeted growth that could increase bilateral trade by 16 per cent, potentially adding an extra £8.6b (BD4.3b) a year to trade between the UK and GCC countries in the long run.”
naman@gdnmedia.bh
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