Deal aims to boost cooperation between Bahrain and Italy across a range of sectors
Manama – 13 October 2017: The Bahrain Economic Development Board (EDB) today signed an MOU with Confindustria Assafrica & Mediterraneo in the Italian capital, Rome. The MOU aims to boost cooperation between Bahrain and Italy in several sectors key to the Bahraini economy, including manufacturing, transport and logistics, financial services, tourism, ICT and start-ups. It comes as part of the visit by a high-level Bahraini business delegation to Italy to promote the investment opportunities in the Kingdom.
As part of the EDB’s role in promoting Bahrain in its key target markets, it is conducting a roadshow in the Italian cities of Milan and Rome which runs from 11th to 13th October. The roadshow is led by H.E. Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, H.E. Khalid Al Rumaihi, Chief Executive of the EDB and H.E. Dr. Mohammed Abdulghafar, Bahrain’s Ambassador to France and Italy in addition to senior representatives from the private and public sectors.
The delegation attended high-level bilateral meetings with Italian officials, businesses and investors from the private sector with the aim of promoting the opportunities available for investors in Bahrain. This is in line with Bahrain’s Economic Vision 2030, which aims to attract investment in order to develop the Kingdom’s economy and create jobs.
On the side-lines of the Confindustria Assafrica & Mediterraneo forum, H.E. Khalid Al Rumaihi 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.
“As one of the most diversified economies in the GCC region, Bahrain has much to offer foreign investors – particularly in fast growing sectors such as financial services, tourism, ICT, transport and logistics services and start-ups. In addition, the Kingdom offers the lowest operating costs in the region, trusted regulatory environment and enjoys a strategic geographical location with an excellent transport infrastructure that makes the island a logistical hub, allowing for a quick, easy and reliable transportation of goods to the GCC markets valued at US$1.5 trillion. The EDB looks forward to assisting many more Italian companies who are keen to set up in Bahrain and take advantage of the benefits on offer here.”
Today’s announcement comes as the next step in a strong history of bilateral relations. Bahrain and Italy enjoy close trade relations dating back to 1973, with a number of formal agreements between the two countries dating from 2000 when they signed an agreement on mutual exemption of taxes on air and sea transport.
More recently, the two countries signed a deal on protection of investments in 2006 and equal treatment of anchorage and port taxes in 2009 and in 2006 the Bahrain Chamber of Commerce and Industry signed an MOU with its counterpart, the Union of Italian Chambers.
Bahrain is currently home to more than 180 Italian commercial enterprises across various sectors, with the largest concentration of firms in pharmaceuticals and fashion. Non-oil trade between the two countries was US$ 367 million in 2016, a 2% increase on the year before.
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Bahrain Economic Development Board
Tel: + 973 1758 9966
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The EDB works with the government and both current and prospective investors to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.