Italian Trade Agency signs key deal to open office in Bahrain

ROME: The Italian Trade Agency (ICE) yesterday 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 Italy, 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 co-operation 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 co-operation between Bahrain and Italy, is one of the many agreements worth a total of 330 million euros signed during the Crown Prince’s official visit to the country.

EDB chief executive Khalid Humaidan 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 the agreement, which will pave the way for trade and investment co-operation between companies in Italy and Bahrain.”

Italian Trade Agency managing director Roberto Luongo said: “The 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 EDB 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 $1.5 trillion Gulf markets.

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