Bahrain, Italy for greater trade ties

Manama : Providing new vigour to bilateral economic and trade exchanges, Bahrain’s Economic Development Board (EDB) yesterday signed a Memorandum of Understanding (MoU) with Italian business association to boost cooperation in several sectors key to Bahrain’s economy. 

The deal signed by Confindustria Assafrica & Mediterraneo in the Italian capital, Rome aims to improves ties in sectors including manufacturing, transport and logistics, financial services, tourism, ICT and start-ups.

Commenting on the deal, Khalid Al Rumaihi, Chief Executive of the EDB said: “We have seen real momentum in our efforts over the last year as foreign investors increasingly look to invest in the region.”

“Today’s deal reflects that momentum,” he said. Al Rumaihi is in Italy, as part of a high-level Bahraini business delegation, to promote investment opportunities in the Kingdom. 

A roadshow was held in the Italian cities of Milan and Rome, which concluded yesterday. The roadshow was led by Zayed bin Rashid Alzayani, Minister of Industry, Commerce and Tourism, Khalid Al Rumaihi, Chief Executive of the EDB and Dr Mohammed Abdulghafar, Bahrain’s Ambassador to France and Italy in addition to senior representatives from the private and public sectors. 

Addressing investors, Al Rumaihi highlighted the advantages the Kingdom offers to foreign investors - particularly in fast-growing sectors such as financial services, tourism, ICT, transport and logistics services and start-ups. 

“Lowest operating costs, trusted regulatory environment, strategic geographical location and excellent transport infrastructure makes the island a logistical hub,” Al Rumaihi told the conference adding: “This allows quick, easy and reliable transportation of goods to the GCC markets valued at US$1.5 trillion.”

Bahrain and Italy enjoy close trade relations dating back to 1973, with a number of formal agreements between the two countries dating from 2000 when they signed an agreement on mutual exemption of taxes on air and sea transport. 

More recently, the two countries signed a deal on protection of investments in 2006 and equal treatment of anchorage and port taxes in 2009 and in 2006 the Bahrain Chamber of Commerce and Industry signed an MOU with its counterpart, the Union of Italian Chambers.

Bahrain is currently home to more than 180 Italian commercial enterprises across various sectors, with the largest concentration of firms in pharmaceuticals and fashion. Non-oil trade between the two countries was US$ 367 million in 2016, a 2% increase on the year before.