TEL AVIV — Bahrain and Israel signed three memoranda of understanding and a joint declaration, covering technical cooperation, innovation, and transfer of technology, small and medium enterprises (SMEs) ecosystems, the Bahrain News Agency reported on Tuesday.

The ceremony was held during the visit of Bahraini’s delegation to Israel led by Bahraini Minister of Industry, Commerce and Tourism Zayed bin Rashid Al-Zayani.

Israeli Economy Minister Amir Peretz attended the ceremony at the Waldorf Astoria Jerusalem in Jerusalem.

Minister Al-Zayani expressed delight at the launch of economic relations between the two countries, stressing the importance of discussing economic opportunities in light of the potentials that the Bahraini and Israeli economy enjoys in developing business, exchanging commercial interests, and investments in many economic sectors.

The Israeli Minister of Economy and Industry emphasized the importance of developing joint business between the two countries, and exchanging experiences in various fields, calling for the formation of working groups to develop economic and commercial cooperation.

He pointed out that the signing of more memoranda of cooperation between Bahrain and Israel will contribute positively to pushing Israeli-Palestinian relations, and expressed his aspiration for more joint projects and commercial visits during the coming period.

During the ceremony, a memorandum of understanding on technical cooperation was signed between the Ministry of Industry, Commerce and Tourism in Bahrain and the Standards Institution in Israel (SII).

The two sides inked a declaration of joint cooperation between the Ministry of Industry, Trade, and Tourism of Bahrain and the Ministry of Economy and Trade of Israel regarding strengthening cooperation in the field of innovation and technology transfer.

A memorandum of understanding was also signed by the Ministry of Industry, Trade and Tourism in the Kingdom of Bahrain and the Ministry of Economy and Industry of Israel regarding strengthening cooperation in the ecosystems of small and medium enterprises. — SG