The UK government and Bahrain have signed a new investment and
collaboration partnership that will unlock £2 billion of
investment into Britain, boosting economic growth and driving
forward the Government's Plan for Change.
The Strategic Investment and Collaboration Partnership (SIP) is
double the £1 billion commitment made in 2023 and will focus on
investing in key growth sectors including financial services,
technology and decarbonisation – as the Government prepares to
publish the upcoming modern Industrial Strategy.
The Partnership is a sign of a strengthened bilateral
relationship with Bahrain and will help create new jobs and
boost growth across the UK. It
will also provide British companies opportunities
to take advantage of Bahrain's business environment, providing
support on innovation, productivity and development in the
country.
Yesterday [Thursday 19 June], the Prime Minister met
with His Royal Highness Crown Prince Salman
bin Hamad Al Khalifa, Prime Minister of the Kingdom of
Bahrain, where the deal was formally signed.
At a time of great importance for regional stability both leaders
reaffirmed the strength of the relationship between the two
countries, as the UK became a full member of the Comprehensive
Security Integration and Prosperity Agreement (C-SIPA) after
announcing its intention to join in December 2024. This
demonstrates the UK's continued efforts to strengthen security
cooperation with key partners in Bahrain and the US and together,
to foster long-term regional stability across the Middle East
while bolstering economic growth at home through new security and
defence partnerships.
The UK and Bahrain leaders yesterday reiterated their commitment
to defence relations and continuing the already strong
cooperation between our Armed Forces and those of the Kingdom of
Bahrain. This includes our strong naval partnership, which has
seen Bahrain host the UK's largest naval base outside of the UK
and training offered by UK Armed Forces to Bahrain military
personnel.
Chancellor of the Exchequer said:
In a changing world, Britain is increasingly seen as a place for
investment and growth - thanks to the stability we have brought
to the economy and our pro-business approach.
This £2 billion investment into the growth-driving sectors where
Britain thrives will create good jobs paying decent wages in all
corners of our country, putting more money in people's pockets as
part of our Plan for Change.
Business and Trade Secretary said:
This £2 billion commitment is yet another major vote of
confidence in the UK economy, backing the key growth sectors
we've identified in our upcoming modern Industrial Strategy.
We have the most open, stable and connected economy in the world
– and our Plan for Change will encourage more countries to invest
here, delivering long-term growth that supports good, skilled
jobs across the country.
During their visit to the UK, a delegation of Bahraini investors
visited growth projects and business in Manchester,
Leeds, and Sheffield, in order to explore opportunities to
support the UK Government's growth agenda.
This government is committed to driving economic growth, and
growing trade and investment with the Gulf is pivotal to this
mission, delivering higher wages, supporting increased investment
and economic opportunity, and strengthening relationships with
important partners.
Notes to editors:
