A Memorandum of Understanding (MOU) aimed at strengthening and developing economic, trade and technical cooperation between the Kingdom of Bahrain and the Grand Duchy of Luxembourg has been signed in Manama by Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and Luc Frieden, the Luxembourg Minister of Finance.
The several areas envisaged for strengthened cooperation between the two countries include 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, and establishes a joint economic committee to coordinate its implementation.
Both ministers praised the MOU and its crucial role in boosting bilateral relations between Bahrain and Luxembourg. It adds its weight to the agreement for the promotion and protection of investments, previously signed by the two countries in 2006, and the convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes, signed in 2009.
The MOU was signed in the presence of Prince Guillaume, Crown Prince of Luxembourg, who was visiting Bahrain to give a welcome speech in support of a financial seminar held in Manama on January 11, 2010.
The seminar was organized by Luxembourg for Finance, the agency responsible for developing the financial sector in Luxembourg, with the support of the Central Bank of Bahrain and the Bahrain Association of Banks.
Experts from Luxembourg and Bahrain were said to have discussed the range of products and services of both centers and identified areas for collaboration to the benefit of their clients. The main topics addressed during the financial seminar were investment funds and wealth management.
As most of Luxembourg’s clients presently come from Europe, Luxembourg for Finance is striving to develop the existing good contacts in the Middle East in order to diversify its client base. Luxembourg and Bahrain are convinced there is huge potential for bilateral business between the two financial centers.
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