4/22/2009

Vision3 seals deal with Turkey

Arab News - Bahrain-based Vision3, a strategic alliance between the Gulf region’s 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 last week on the sidelines of the Bahraini-Turkish Economic Forum was held at the Bahrain International Exhibition Center (BIEC) and attended by Turkey’s President Abdullah 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. 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 (the Middle East and North Africa). 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 Investment Support and Promotion Agency of Turkey (ISPAT) 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 TIGEM, in the presence of Mehdi Eker, Turkey’s Minister of Agriculture and Rural Affairs, Mohammed Khalil Al-Sayed, a Vision3 board member, and Arda Aciksoz, Vice President of the Investment Support and Promotion Agency of Turkey (ISPAT). “The goal of AgriCap is to foster projects that offer solutions for 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,” said the spokesman of the company. Turkey is a major exporter of high quality agricultural products, 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 a few months AgriCap is making tangible progress towards achieving its goals,” said Janahi.

ENGLISH