Bahrain Economic Development Board (EDB) has signed eight landmark agreements with Chinese city of Shenzhen in the areas of technology and transportation. The move is aimed at deepening mutual economic ties and also explore opportunities for further growth.

The agreements were signed by a senior delegation from the kingdom led by the Capital Governor Sheikh Hisham Bin Abdulrahman Al Khalifa at the Bahrain – Shenzhen Business Forum.

Shenzhen was the first stop of the Bahraini delegation’s nine-day tour of China’s principal commercial centres.

Next year marks 30 years since China and Bahrain established diplomatic relations. In advance of the pearl anniversary, Bahrain is set to further deepen economic ties with China.

Sheikh Hashim had a meeting with Ai Xuefeng, Vice Mayor of Shenzhen and a number of local government officials and business leaders at the forum and the China High-Tech Fair.

To celebrate its 30 years of relationship with China, Bahrain signed eight landmark agreements with Shenzhen including:

• An MOU between EDB and the artificial intelligence (AI) firm, Intellifusion Technologies to advance AI dynamic portrait recognition that can benefit China, Bahrain, and the Middle East;

• EDB partnered with Shenzhen FinTech company, IAPPPAY, to establish a full mobile payment gateway in Bahrain and explore opportunities in cryptocurrency, the possibility of initiating FinTech Funds, the potential for the establishment of a Mobile Internet Incubator in the Kingdom to accelerate regional digital economic development, as well as the establishment of a FinTech ecosystem between Mena and China;

• An MOU between EDB and Shenzhen Outbound Alliance aimed at strengthening economic cooperation, information exchange, and establishing a communication channel for business information, and investment opportunities;

• An MOU between EDB and Softbank China Capital – Wonder News aiming to encourage Softbank China Capital and their investment portfolio companies to establish a presence in Bahrain and use the Kingdom as a regional hub to cover the Middle East;

• EDB and 4PX signed an MOU exploring the possibility of 4PX initiating and establishing funds together with Bahraini companies in order to invest in entrepreneurship in China and Bahrain;

• EDB and Shenzhen Cool-hi Network Culture Technology partnered to promote the development of E-sports between the Middle East and China;

• Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the China Council for the Promotion of International Trade Shenzhen Branch (CCPITSZ) to harness and enhance collaborative initiatives to promote trade and investments between the two countries

• EDB and CCPITSZ signed an MOU to harness and enhance collaborative initiatives between Bahrain and Shenzhen, strengthening information exchange and cooperation in economic and business activities.