The Italian Trade Agency (ICE) today announced the opening of an office in Bahrain after signing an agreement with the Bahrain Economic Development Board (EDB), on the sidelines of an official delegation visit to the Italian Republic, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister.
The agreement seeks to enhance trading and investment opportunities and cooperation between both countries’ strategic economic sectors, including manufacturing and Logistics, Financial Services, Information and Communication Technology, Tourism, Construction, and Oil and Gas. The agreement, which is expected to further develop bilateral economic cooperation between Bahrain and Italy, is one of the many agreements worth a total of EUR330 million signed during HRH the Crown Prince’s official visit to the country.
HE Khalid Humaidan, Chief Executive of the Bahrain EDB, said: “Italy and Bahrain have longstanding trade and economic ties and this week’s official visit aims to strengthen that relationship by providing a platform for collaboration, partnership, and shared opportunities. That is the spirit in which we sign today’s agreement, which will pave the way for trade and investment cooperation between companies in the Italian Republic and the Kingdom of Bahrain.”
Roberto Luongo, Managing Director at the Italian Trade Agency, said: “Today’s agreement will advance even further the already formidable economic and trading partnership enjoyed by Italy and Bahrain. I look forward to working closely with the Bahrain Economic Development Board to identify and create opportunities between Italian and Bahraini companies, facilitating business relations and investments across an increasingly wide range of sectors.”
The agreement marks the latest chapter in a long history of economic and trade ties between Bahrain and Italy, first established in 1973. Since then, a number of agreements across a range of sectors have been signed, including those covering the protection of investments and the mutual exemption of taxes on air and sea transport.
Bahrain is currently home to more than 60 Italian commercial enterprises, with the largest concentration of firms in the manufacturing sector. With its flexible regulatory environment, world-class physical and digital infrastructure, and some of the best-value operating costs in the region, hyper-connected Bahrain is increasingly the destination of choice for companies from all over the world seeking to access the growing USD1.5 trillion Gulf markets.