Bahrain – An important business forum held in Manama on November 16 considered bilateral trade opportunities and potential areas of cooperation in the field of sustainable development between Italy and Bahrain.
The title is “Prospects for cooperation towards sustainable development between Italy and Bahrain”. The forum, titled “Introduction to the Activities of the Italy-Bahrain Business Council,” was held at the Four Seasons Hotel Bahrain Bay under the patronage of Minister of Commerce Abdullah bin Adel Fakhro.
The event is organized in cooperation with the Italian Bahrain Business Council (IBBC), the Embassy of Italy in Bahrain, the Embassy of Bahrain in Italy, the Italian Trade Agency (ITA) and the Bahrain Economic Development Board (Bahrain EDB). it was done.
The forum began with a keynote speech by Mr. Adel Fakro, followed by the hosting organizations and government officials, including Dr. Nasser Al Belosi, Ambassador of the Kingdom of Bahrain to the Republic of Italy, Ms. Paola Amadei, Ambassador of the Republic of Italy to the Kingdom of Bahrain, and the Italian Trade Agency. Lorenzo Galanti, Director General of the (ITA) and Head of Business and Investment Associations in Bahrain and Italy.
The agenda also included an overview of Racing Force International’s investment journey. Investments began in 2015 with a Bell Helmet manufacturing facility in Bahrain, followed by a $13 million global research and development (R&D) factory and manufacturing headquarters. It was upgraded last year.
Minister Adel Fakro said: “Such forums promote bilateral investment opportunities between Bahrain and Italy, explore new horizons of cooperation across key sectors, including manufacturing, logistics and tourism, and create new It will serve as the perfect platform to pave the way for building successful ventures and further strengthen economic and trade exchanges between the two countries, which have shown consistent and steady growth over the years.”
Paola Amadei said: “The excellent commercial results recorded in recent years demonstrate that the Bahraini market values ’Made in Italy’ and the exceptional tradition of innovation and quality that it represents. This is proof that there is.” The Embassy of Italy in Bahrain is committed to supporting Italian companies interested in the Bahrain market and strengthening commercial and economic relations between the two countries. ”
Lorenzo Galanti said: “We are united in giving a strong push towards improving trade and investment between Italy and Bahrain.
“ITA supports companies in this endeavor. Over the past three years, the agency’s desk in Manama has supported more than 250 Italian companies, and more than 100 Bahraini delegates have attended exhibitions in Italy. and trade fairs.”
Ignazio Moncada, Co-Chairman of IBBC, said: “We are honored to co-host this forum with the support of the embassies of both countries and the Bahrain EDB. Because it aligns directly with our objectives.” Established to foster close ties with key members of the business community, to initiate a long-term continuous dialogue across various sectors between Italy and Bahrain, and to promote mutually beneficial exchanges in the business field. I did. ”
IBBC Co-Chairman Khalid Rashid Al Zayani said: “Bahrain has a dynamic pipeline of Italian companies and today’s pivotal event continues to expand IBBC’s vast network and connect key authorities and stakeholders. “It will help us collaborate and network with others.” It aims to support the sustainable growth of businesses, exchange knowledge and ultimately facilitate the establishment of new joint ventures and companies in Bahrain and Italy. ”
Laurent Franciosi, Head of International Market Development at Cassa Depositi e Prestiti (CDP), said: “Bahrain is a partner with interesting cooperation potential for Italy and, as CDP, we are committed to the role of national promotion association. I am pleased to be able to participate in the IBCC.” Bilateral dialogue. From export support and global expansion of Italian companies to the possibility of cooperation with Bahrain’s leading investors, we are committed to further strengthening the relationship between Italy and Bahrain with the aim of sustainable and common development. ”
His Excellency Sameer Nas, President of the Bahrain Chamber of Commerce and Industry, said the holding of this forum is a clear demonstration of the commitment of both the Bahrain and Italian business communities to strengthen business relations and explore new avenues for cooperation. He asserted that the purpose was to: The forum aims to create opportunities for bilateral cooperation in various fields, including the health, information and communication technology sectors.
In 2020, bilateral trade was $634 million, but two years later, in 2022, the total amount almost doubled to $954.8 million.
In terms of Bahrain’s imports, Italy ranks first in mechanical parts, and is recognized for its high-level technology and fashion, with its import volume increasing by approximately 49% from 2021 to 2022, and food imports. Between 2020 and 2022, it doubled and reached the total import value. The amount is approximately $40 million.
From the Bahrain side, aluminum (up 178% compared to 2021) and chemicals are the most exported categories to Italy.
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