Bahrain and Turkey sign MoU to boost their startup ecosystems: new positive reforms on bankruptcy and data protection to support global investors and entrepreneurs
By: Startup MGZN
The Bahrain Economic Development Board (EDB) today signed a Memorandum of Understanding (MoU) with the Istanbul Development Agency (IDA) for co-operation on the development of start-up ecosystems in their respective countries. The MoU was signed by Pakiza Abdulrahman, Manager of Business Development – Startup at the EDB and Fatih Piskin, Secretary General of IDA.
Seeking to build on the growing innovation landscape in Bahrain and Turkey, the new agreement offers a platform for entrepreneurs to network, collaborate and scale their businesses on a regional level. Accordingly, the areas of cooperation between the two entities would include the provision of co-working spaces, logistics support, access to the wider startup ecosystem line mentorship, talent, funding, and potential partners. Additionally, the MoU looks at other business set-up services to ensure a smooth transition for start-ups between both markets.
Ms. Pakiza Abdulrahman, Manager of Business Development – Startup at the EDB said: “We are excited to partner with the Istanbul Development Agency to facilitate greater collaboration between start-ups and innovators in Bahrain and Turkey. Both our countries have invested heavily in developing infrastructure that is essential for start-ups to grow and succeed. Global expansion is integral to this journey. 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.”
The MoU is in line with the EDB’s aims of exploring global networks for the promotion and development of entrepreneurship in the Kingdom. Similar to Bahrain, start-up activity in Turkey has expanded rapidly in recent years.
Mr. Fatih Piskin, Secretary General of Istanbul Development Agency said: “From now on, investment promotion agencies become partners rather than rivals. We are today signing an MoU, which is based on concrete and tangible grounds. In this respect, we will be honoured to welcome Bahraini entrepreneurs in Istanbul; then, provide invaluable services in order to make a smooth landing and transition in their new destination. Our goal is to mutually increase the volume of projects and certainly FDI.”