Bahrain’s EDB agrees office opening for Italian Trade Agency
The announcement was reportedly made on the sidelines of the Crown Prince's official visit to Italy
Italy's governmental trade and investment agency Italian Trade Agency has reportedly announced that it will be opening an office in Bahrain after entering an agreement with the Bahrain Economic Development Board.
According to Bahrain’s state news agency, the announcement was made on the sidelines of an official delegation visit to Italy, led by the kingdom’s Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister, HRH Prince Salman bin Hamad Al Khalifa.
The agreement aims to enhance trading and investment opportunities and cooperation between both countries’ strategic economic sectors. These include manufacturing and logistics, financial services, information and communication technology, tourism, construction, and oil and gas.
In addition, the agreement is expected to develop bilateral economic cooperation between the countries and is one of the many agreements worth a total of $362m (€330m) signed during the Crown Prince’s official visit to the country, the report confirmed.
Speaking about the partnership, chief executive of the Bahrain EDB, Khalid Humaidan, said: “Italy and Bahrain have longstanding trade and economic ties and the [Crown Prince’s] official visit aims to strengthen that relationship by providing a platform for collaboration, partnership, and shared opportunities. The agreement will pave the way for trade and investment cooperation between companies in the Italian Republic and Bahrain.”
Currently, Bahrain is home to more than 60 Italian commercial enterprises. The largest concentration of firms lies in the manufacturing sector.
Commenting on the ties between both countries, managing director at the Italian Trade Agency, Roberto Luongo, said: “The agreement will advance the already formidable economic and trading partnership enjoyed by Italy and Bahrain.
He added: "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.”