MANAMA: Bahrain-based Vision3, a strategic alliance between three major financial institutions, signed a strategic agreement with the Turkish government. The agreement is aimed at exploring investment opportunities for Vision3 in agro-based industry in Turkey.
The signing ceremony held yesterday on the sidelines of the Bahraini Turkish Economic Forum was held at the Bahrain International Exhibition Center (BIEC) and attended by President of Turkey Abdulla Gul and members of his entourage. Hassan Fakhro, Bahrain’s minister of industry and commerce, and Rasheed Al-Maraj, governor of the Central Bank of Bahrain, represented the Bahraini side.
The forum was also attended by high-ranking Turkish and Bahraini governmental officials and representatives of the business community.
Vision3, which signed a memorandum of understanding (MoU) with Turkey’s General Directorate of Agricultural Enterprises (TIGEM), is promoting AgriCap, the investment vehicle conceived to invest in visionary initiatives in the agriculture sector in the greater MENA. Under the terms of the agreement, partners of the Vision3 strategic alliance and TIGEM will work together to identify innovative agricultural investment opportunities throughout the country. Additionally, Vision3 will partner with a company from the Turkish private sector. This agreement follows the original MoU signed with the Turkish Investment Support and Promotion Agency in October 2008 allowing Vision3 to explore agricultural investment opportunities in Turkey.
The agreement was signed by Esam Y. Janahi, chairman of Vision3, and Mehmet Halis Bilden, director general and chairman of the board of TIGEM, in the presence of Mehdi Eker, Bahrain’s minister of agriculture and rural affairs, Mohammed Khalil Al-Sayed, a Vision 3 board member, and Arda Açıksöz, vice president of the Investment Support and Promotion Agency of Turkey (ISPAT).
“The goal of AgriCap is to foster projects that offer solutions to the problems faced in global food production. It will also seek to expand the existing role of agriculture through the development of new agricultural and bio-technologies. To realize this potential, AgriCap will work with TIGEM, through their know how of the agricultural environment within Turkey itself,” the spokesman of the company said.
Turkey is a major exporter of high quality produce, including cereals, pulses, industrial crops, sugar, nuts, fresh and dried fruits, vegetables, olive oil, and livestock products.
“Given the boldness and ambition that characterizes AgriCap and the depth of agricultural know how across this great country, there is vast amount we can achieve in the identification of visionary agriculture initiatives.
Thanks to the continuous support of the Turkish government, in just few short months AgriCap is making tangible progress toward achieving its goals,” said Janahi.
