Bahrain Economic Development Board (EDB) announced yesterday that the Italian Trade Agency (ICE) will be opening an office in Bahrain after signing an agreement with the EDB that was inked on the sidelines of the delegation visit to the Italian Republic, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister.
With the ink now dry, the agreement seeks to elevate trading and investment opportunities between both countries’ strategic economic sectors, including Financial Services, Communication Technology, Logistics, and Tourism. In addition to construction, manufacturing, and Oil and Gas.
Chief Executive of the Bahrain EDB, HE 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 today’s agreement, which will pave the way for trade and investment cooperation between companies in the Italian Republic and the Kingdom of Bahrain.”
Roberto Luongo, Managing Director at the Italian Trade Agency, said: “Today’s 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 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.”
Bahrain and Italy have long had economic and trade ties dating back to 1972, with a number of agreements across multiple sectors been signed since then. Most notably the agreement to cover the protection of investments and the mutual exemption of taxes on air and sea transport.
Bahrain is a melting pot of nationality, and with its business-friendly attitude, a flexible regulatory environment, world-class physical and digital infrastructure, has more than 60 Italian commercial enterprises, the majority of which are in the manufacturing sector.