Bahrain opens door to Italian investors

Manama : A high-level Bahraini business delegation yesterday took part in the First Italian-Arab Business Forum in Milan as part of a roadshow held in Italy. 

The Bahrain Economic Development Board (EDB) organised the visit as part of its wider strategy to attract investment into Bahrain. The three-day forum, which began on Wednesday, ends today. 

The delegation is led by Zayed bin Rashid Alzayani, Minister of Industry, Commerce and Tourism; Khalid Al Rumaihi, Chief Executive of the EDB; Dr. Mohammed Abdulghafar, Bahrain’s Ambassador to France and Italy, as well as senior representatives from the private and public sector, who held bilateral meetings with Italian government officials, businesses and investors at the forum.

In a panel discussion titled: “Industrialisation, regional strategies and visions”, Khalid Al Rumaihi demonstrated the Kingdom’s favourable business environment, competitive advantages, investment opportunities and its strategic location as a gateway to GCC markets valued at US$1.5 trillion.

“Bahrain is a pioneer in recognising the importance of economic diversification in the region. The oil sector now comprises less than 20% of total GDP, evidence that Bahrain today enjoys a business-friendly environment to investors across a multitude of economic sectors.”

Bahrain and Italy have enjoyed close trading relations since 1973, with agreements between the two countries dating back to 2000 and the signing of the “Mutual Exemption of Taxes on Air Transport Enterprises and Sea” agreement. The two countries have also signed two other economic agreements; the first relating to the “Protection of Investments” in 2006 and the second “Equal Treatment of Anchorage and Port Taxes” in 2009. Since the turn of the century, the Bahrain Chamber of Commerce and Industry has also signed an MOU with the Union of Italian Chambers in 2006.

Bahrain is home to more than 182 Italian commercial enterprises across various sectors; the most prominent of these being in pharmaceuticals and fashion. Between 2015 and 2016 the two countries increased their non-oil trade by US$ 7 million, reaching a total of US$ 367 million.