Monday 29 November 2021

Bahrain, Japan discuss financial sector cooperation

MANAMA, January 24, 2021

Bahrain and Japan have discussed cooperation between the financial and banking sectors of the two countries especially in view of the recent initiatives by the Japanese government to boost the financial market and attract more businessmen and professionals to Japan.
At a remote session organised by the Bahrain Association of Banks (BAB) and hosted by the Japanese Embassy in Manama, Japan announced a new initiative to provide all the services of the ‘Japanese Financial Market Entry Office’ in the English language.
The ‘Japanese Financial Market Entry Office’ facilitates the flow of foreign investments to Japan, by being a single point of contact for all financial companies wishing to invest in the Japanese market.
The Japanese side pointed out that the development of this office’s work is part of the Japanese Government’s range of initiatives aimed at transforming Japan into a key global financial centre in Asia and the world besides creating new job opportunities and increased economic growth in Japan.
Dr Waheed Al Qassim, CEO of BAB, affirmed that this session aims to promote cooperation between Bahraini financial and banking institutions and their Japanese counterparts. He pointed out that the relations between Bahrain and Japan started in 1934 with the first oil shipment. Thereafter, formal relations kicked off between the two countries in 1971.
“We hope the initiative to use the English language for the first time in the ‘Japanese Financial Market Entry Office’ will be a first step towards identifying opportunities in the financial sector in both Bahrain and Japan and would contribute towards enhancing investment opportunities in international markets for Bahraini financial and banking institutions, especially in Southeast Asian markets that have countless growth and prosperity openings. We also aim to apprise Bahraini institutions on the latest trends in the fields of the finance and banking, in light of the geopolitical changes in many countries,” Dr Al Qassim added.
“Data shows that the balance of trade between Bahrain and Japan exceeds $1 billion annually. In addition japan has steadied its commercial presence in Bahrain through five financial companies, two commercial companies, and ten industrial companies,” Dr Al Qassim concluded. -- Tradearabia News Service


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