Bahrain and Portugal enter proactive initiative to support startups globally during COVID-19
Non-oil trade between the two countries accounts for nearly $22 million increasing, from $6.7 million in 2009
Bahrain and Portugal have signed a proactive agreement to increase collaboration and help startups weather the economic impact of the Covid 19 pandemic.
The Bahrain Economic Development Board (EDB), the Kingdom’s investment promotion agency, has entered into a proactive initiative with GrowIN Portugal, a platform that helps entrepreneurs incorporate, fund, expand and move their startups to Portugal.
The agreement will serve to promote cooperation between the two organisations, particularly with regard to supporting startups globally during the ongoing pandemic by connecting the two startups ecosystems.
“This timely initiative will provide some much-needed support for not just Bahraini and Portuguese startups, but startups from around the world. The ongoing crisis has hit almost all economic sectors, including the startup industry, and across the globe, we’re seeing an unprecedented slowdown. By connecting and thereby bolstering our two ecosystems, Startup Bahrain and GrowIN Portugal are providing a lifeline for innovative startups seeking a supportive environment in which they are able to empower the digital economy in their respective countries,” Pakiza Abdulrahman, head of startups, Bahrain EDB.
As part of the agreement, both companies have agreed to collaborate on the promotion of key events and opportunities in their respective markets as well as Promoting opportunities for developing the startup markets in their respective countries.
The pair will also support startups by arranging introductory meetings with key ecosystem stakeholders in both countries and exchange information on the evolution of their respective startup markets
“Startups need support now more than ever before, so we are delighted to be collaborating with Bahrain EDB to do just that. Bahrain and Portugal each offer supportive ecosystems complete with funding support, highly-skilled labour forces, cutting edge digital infrastructure and world-class accelerators. Moreover, we each sit on the doorstep of major markets: Europe and MENA respectively. By combining forces, combining ecosystems, we can provide a global space to accelerate startups from around the world, and ensure innovation is not hampered by the global crisis,” said Anas El Arras, chief executive officer, GrowIN Portugal.