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Bahrain Economic Development Board (EDB) inked a Memorandum of Understanding with the Istanbul Development Agency (IDA) earlier this week to collaborate and expedite the growth of the startup ecosystems in both countries.

Pakiza Abdulrahman, Manager of Business Development -Startup represented the EDB during the signing of the MoU while the IDA was represented by Secretary-General Fatih Piskin.

The collaboration between the two entities is aimed at adding more charm to the fast-expanding innovation landscapes in their respective countries. The new MoU is expected to help accomplish that objective by laying out the framework for Bahraini and Turkish entrepreneurs to network, collaborate, and scale their businesses.

Among the key areas targeted by this newly forged collaboration are the provision of co-working spaces, access to quality mentorship programs in both countries, funding, logistical support, and regional partnerships. Apart from these, the MoU also guarantees a smooth transitional mechanism for emerging businesses in Bahrain to launch operations in Turkey (and vice versa).

“We are excited to partner with the Istanbul Development Agency to facilitate greater collaboration between startups and innovators in Bahrain and Turkey. Both our countries have invested heavily in developing infrastructure that is essential for startups to grow and succeed. Global expansion is integral to this journey,” said Pakiza Abdulrahman, following the signing of the MoU.

She added: “By paving the way for the exchange of ideas, resources and growth opportunities between entrepreneurs, we stand to benefit from more trade and investment that is mutually beneficial for our economies.”

Worth noting here is that the MoU with IDA is an extension of EDB’s growing emphasis to forge new partnerships with key international players for the promotion and nurturing of the entrepreneurship culture in the Kingdom.