An economic cooperation agreement was signed in Manama on the 12th of November between the Bahrain Chamber of Commerce & Industry (BCCI) and the World Business Angels Investment Forum (WBAF) with the aim of establishing a collaboration framework to reinforce links between their respective members and to explore positive synergies that will generate, on a large scale, economic and social benefits for the areas of action of both organizations.
With this agreement, BCCI and WBAF, an affiliated partner of the G20, aim to enhance business growth for start-ups, scale-ups, entrepreneurs and SMEs in Bahrain by engaging in activities and programmes that work towards the expansion of start-ups and scale-ups.
An Economic Cooperation MOU signed between the WBAF and BCCI during the Gala Reception of the 18th Arab Businessmen and Investors Conference (ABIC) in Manama. Organized and supported by the Bahrain Chamber of Commerce and Industry, Union of Arab Chambers, Arab League, The Arab Investment and Export Credit Guarantee Corporation and the United Nations Industrial Development Organisation (UNIDO ITPO Bahrain), this edition of the Arab Businessmen and Investors Conference represented an Arab economic and investment gathering to lead the investment in the 4th Industrial Revolution and digital innovation in Arab countries in this field. The WBAF Bahrain will be represented by the Bahrain Chamber of Commerce & Industry (BCCI).
Now angel investors, incubation centres, accelerators, private equity funds, co-investment funds, technology parks, corporate ventures and aspiring entrepreneurs in Bahrain will be more connected with global investment markets.
With this economic cooperation agreement, the main players in Bahrain’s early and post-early stage equity and capital markets will now be able to connect more easily with the global investors market, which will open up splendid opportunities for Bahrain. Angel investors, incubation centres, accelerators, private equity funds, co-investment funds, technology parks, corporate ventures and aspiring entrepreneurs of Bahrain will now have more opportunities to connect with global leaders in the same field.
The inclusion of Bahrain on the WBAF’s agenda provides a wide range of opportunities for start-ups, scale-ups and high-growth businesses and opens doors for economic development.
Baybars Altuntas, Chairman of the Board of Directors of the World Business Angels investment Forum says ”The 18th Arab Businessmen and Investment conference aims to drive investment in entrepreneurship and innovation in the digital revolution in the Arab world, and to enhance the regulatory cooperation between the Arab countries in this field. As an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), the World Business Angels Investment Forum is very pleased to co-operate with the Bahrain Chamber of Commerce & Industry to empower Bahrain and world economy through innovation, startups, entrepreneurship and angel investment. I believe WBAF will contribute to the momentum unleashed in Bahrain by connecting local startups with global qualified investors and to drive investment in entrepreneurship and innovation in the digital revolution in the Arab world.
As an affiliated partner of the G20 Global Partnerships for Financial Inclusion (GPFI), WBAF supports start-ups, develops entrepreneurial ecosystems, and helps venture capital and companies connect with international companies, fintechs and other relevant institutions. We are confident about our contribution to the economic development of Bahrain by facilitating connections with entrepreneurial ecosystems. We strongly believe that Bahrain will soon be fostering the development of their economies in a more entrepreneurial atmosphere. This is an important agreement to turn Bahrain to regional innovation and entrepreneurship hub’’
Sameer Nass, the Chairman of BCCI says, ‘ We believe that this cooperative framework can serve as a template for future integration with other economic regions across the world and can promote relationships and exchanges of experience between Bahrain start-ups, scale-ups, entrepreneurs and SMEs and other start-up ecosystems throughout the world. We are aiming to enhance business growth for start-ups, scale-ups, entrepreneurs and SMEs in Bahrain by carrying out activities and programmes that work towards the expansion of start-ups and scale-ups. We are very pleased to cooperate with the World Business Angels Investment Forum in these areas.’
Quick Facts about the WBAF – BCCI Economic Cooperation Agreement
- Developing a strong institutional relationship with the aim of establishing a durable mechanism of dialogue and participation in joint activities, carrying out forums and sharing experiences.
- Enhancing mutual co-operation by carrying out common initiatives, events, programmes, projects, actions or measures in order to:
- Favour the economic development of Bahrain start-ups, scale-ups, entrepreneurs and SMEs.
- Organise roundtables, summits and conferences to turn Bahrain into a regional hub for innovation fostering creative thinking among youth.
- Encourage BCCI members to invite local start-ups, scale-ups, entrepreneurs and SMEs to participate in national start-up competitions organised/co-organised by WBAF that will connect the national champions to qualified angel investors.
- Opening WBAF Country Office in the near future
About the World Business Angels Investment Forum (WBAF)
An affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), the World Business Angels Investment Forum (WBAF) is an international organisation aiming to ease access to finance for businesses from start-up to scale-up, with the ultimate goal of generating more jobs and more social justice worldwide. It is committed to collaborating globally to empower world economic development by creating innovative financial instruments for innovators, start-ups, and SMEs. The Forum interacts with leaders in all areas of society, first and foremost in business and political spheres, to help assess needs and establish goals, bearing in mind that the public interest is of paramount importance. WBAF engages a wide range of institutions, both public and private, local and international, commercial and academic to help shape the global agenda.
The Global Partnership for Financial Inclusion (GPFI) is an inclusive platform for all G20 countries, interested non-G20 countries, and relevant stakeholders to carry forward work on financial inclusion, including implementation of the G20 Financial Inclusion Action Plan endorsed at the G20 Summit in Seoul. Queen Maxima of the Netherlands is the Honorary Patron of the GPFI.
About Bahrain Chamber of Commerce and Industry (BCCI)
The Bahrain Chamber of Commerce and Industry (BCCI) plays a vital role in shaping the national economy of Bahrain and creating a rapidly advancing private sector, since its inception in 1939. With a vision to become the leading voice of the business community and an influential partner in economic decision-making, the BCCI strives to contribute significantly to implement Bahrain’s Economic Vision 2030. BCCI is the first chamber of commerce in the region and has been evolving its spectrum of services continuously to meet the needs of the country’s fast evolving business environment.