EXPORT BAHRAIN and KOREA TRADE-INVESTMENT PROMOTION AGENCY Sign Cooperation Agreement

22 May 2023 (Manama, Bahrain): As part of its relentless efforts to increase local exports to the Asian markets, Export Bahrain, represented by the Chief Executive Officer; Safa Sharif Akhaliq, held in Seoul an intensive round of meetings and negotiations with senior Korean officials and businesses across various sectors to discuss enhancing mutual cooperation in terms of increasing trade relationships between both countries.

The meetings were held on the sidelines of the official visit of the high-level Bahraini economic delegation to South Korea, led by Abdullah bin Adel Fakhro, Industry and Commerce Minister, accompanied by Noor bint Ali Al Khulaif, Minister of Sustainable Development.

South Korea play an intricate role in the global economy as one of the top five largest economies in Asia – highly engaged in investment and economic development opportunities. As part of the delegation, Export Bahrain has connected with a range of entities to bolster economic initiatives and build ties across a variety of vital sectors. As the Kingdom’s export development and internationalization support arm, Export Bahrain’s visit to South Korea has come to fruition with the signing of an MoU with Korea Trade-Investment Promotion Agency (KOTRA) to encourage the development of commercial exchange and trade collaboration between the two nations, which was signed by Ms. Safa Sharif Abdulkhaliq, Chief Executive Officer of Export Bahrain and Mr. YU Jeoung Yeol; President & CEO of Korea Trade-Investment Promotion Agency (KOTRA) in the presence of the Minister of Industry and Commerce, H.E. Abdulla bin Adel Fakhro.

Under this agreement, Export Bahrain and KOTRA will Jointly work towards exchanging information and capitalizing on bilaterally beneficial opportunities, acting as the gateway between businesses in both Bahrain and Korea, enabling new trade deals to be bolstered through this cooperation. The partnership will involve a range of initiatives including but not limited to the development of online events and webinars, business match making opportunities in addition to the exchange of trade delegations and networking opportunities.

In addition, Export Bahrain met with a variety of key stakeholders in the public and private sector to bilaterally build and reinforce economic trade ties aimed at opening new doors to enterprises on both sides to benefit from as a result of the reinvigorated partnership initiatives.

On this occasion, Ms. Safa Sharif Abdulkhaliq, Export Bahrain Chief Executive Officer, commented: “Export Bahrain has made progressive strides in constructing trade ties that have strategically well-rounded pathways for Bahrain’s industrial sector to expand upon through reaching new markets in a calculated manner and enhancing trade ties in existing ones. This agreement reinforces and affirms the endeavors of the two parties to achieve their common interests and to develop trade and investment relations, which promise to stimulate economic activity in both countries. We see this strategic partnership as an indication of further trade exchange opportunities that ensure the development of a range of sectors in both countries. This agreement further solidifies our joint efforts in the development and progression of our bilateral trade ties and the advancement of economic and commerce relations. Our vision for this strategic partnership between Export Bahrain and the Korea Trade-Investment Promotion Agency will serve as a steppingstone towards bolstering further economic ties and opportunities and creating seamless exporting services and solutions in both countries”.

On this occasion, Mr. Junghee Hahn, Director of Economic Cooperation of the Korea Trade-Investment Promotion Agency (KOTRA) commented: “The Partnership signed with Export Bahrain will allow for greater alignment in our cooperation which will improve our strategic ties and enable us to add greater value to our stakeholders. The partnership will also allow for new opportunities and initiatives to be developed as our pooled efforts have the potential to develop promising and untapped economic opportunities for both countries”.