Bahrain in key deal with Luxembourg
Manama, January 12, 2010
Bahrain has signed a memorandum of understanding (MoU) with Luxembourg on economic, trade and technical co-operation.
The MoU was signed by the Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Luxembourg Finance Minister Luc Frieden in the presence of Luxembourg Crown Prince Guillaume, who was in Bahrain for a joint economic seminar between the two countries.
The MoU reflects the willingness of the two countries to strengthen and develop economic, trade and technical co-operation between them on the basis of equity and mutual benefit.
Several areas are envisaged for strengthened co-operation such as financial and professional services, investment, tourism, trade, industry, transport, telecommunications, education and scientific research.
The MoU will encourage relevant businesses to explore the possibility of joint projects in these areas. It will also allow for the exchange of experts, scientists, technicians, students and trainees in these fields.
It establishes a joint economic committee to co-ordinate its implementation. The committee will meet alternatively in the two countries annually or at the request of one of them and with the acceptance of the other.
Both ministers praised the MoU and its crucial role in boosting bilateral relations.
The MoU adds to the Agreement for the Promotion and Protection of Investments and the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital previously signed by the two countries in 2006 and last year respectively.-TradeArabia News Service