MANAMA: The Bahrain Chamber of Commerce and Industry yesterday signed a memorandum of understanding with the Singapore Business Federation.

BCCI chairman Dr Essam Fakhro sealed the deal with SBF president Tony Sheu.

Dr Fakhro stressed the importance of the deal in spearheading bilateral economic co-operation.

"The agreement will contribute to boosting the volume of trade exchanges and bolstering investments and joint ventures," he said.

"Co-operation will cover industry, trade and services sectors in addition to investments and the exchange of commercial information," he said.

The agreement is also expected to facilitate Bahraini investors' entry into the Singaporean markets.

Dr Fakhro also announced that an SBF delegation would visit Bahrain to gauge investment opportunities.

Mr Sheu highlighted Bahrain's trade and investment strides, asserting his optimism on the development of bilateral relations.

"Bahrain is now regarded as an attractive investment destination," he said.

He also described the memorandum as an important step in boosting investment opportunities.

Under the deal, the two sides pledge to encourage joint ventures, back exports, exchange goods and services and organise trade fairs and other events.

They also agreed to remove obstacles facing businessmen in both countries.

In a Press conference convened after the signing ceremony, Dr Fakhro outlined Bahrain's political, economic and social strides under the reform project initiated by His Majesty King Hamad.

He shed light on the principles and objectives of the Bahrain 2030 Economic Vision.

He also invited Singaporean companies and trade establishments to visit Bahrain and avail of the investment opportunities, urging businessmen to benefit from the free trade agreement which will be signed between the GCC and Singapore.

"The deal will hopefully boost trade exchanges and boost co-operation and joint ventures," he said.

The BCCI delegation also delivered a presentation on Bahrain's investment opportunities. Bilateral business talks were also held between Bahraini investors and their Singaporean counterparts