The Bahraini-Italian Business Forum was held yesterday, entitled “Prospects of Cooperation for Sustainable Development between Italy and Bahrain: Introducing the Activities of the Italian-Bahraini Business Council,” under the patronage of the Minister of Industry and Trade, Abdullah bin Adel Fakhro.
The forum was held at the Four Seasons Hotel and Resort Bahrain Bay, in cooperation with the Italian-Bahraini Business Council, the Embassy of the Italian Republic in the Kingdom of Bahrain, the Embassy of the Kingdom of Bahrain in the Italian Republic, the Italian Trade Authority, and the Economic Development Board in Bahrain.
The forum’s activities began after a working lunch that included all parties. The forum included presentations that focused on important trade and economic opportunities between Italy and Bahrain, as well as potential areas of cooperation in the field of sustainable development.
The forum began with a keynote speech delivered by the Minister of Industry and Trade, followed by presentations from the organizing bodies and a number of high-level government officials, including the Ambassador of the Kingdom of Bahrain to the Italian Republic, Nasser Al Balushi, the Ambassador of the Italian Republic to the Kingdom of Bahrain, Paola Amadei, and the Director General of the Italian Trade Authority, Lorenzo Galanti, in the presence of representatives of a number One of the leading investment institutions and companies in Bahrain and Italy.
Forum agenda
The forum’s agenda included highlighting the investment journey of Racing Force International, which began for the first time in Bahrain in 2015 at the Bell Helmets industrial facility, followed by the establishment of a global research and development factory and manufacturing headquarters worth $13 million, which was expanded last year.
In a statement by the Minister of Industry and Trade on this occasion, he said, “These forums represent an ideal platform to enhance bilateral investment opportunities between Bahrain and Italy and explore new horizons for cooperation across key sectors, including industry, logistics and tourism, which paves the way for writing new success stories for projects, and enhances economic and commercial exchange.” “Between our two countries, which has shown steady growth over the years.”
Lorenzo Galanti, Director General of the Italian Trade Authority, said: “We have always focused on giving a strong impetus to improving trade and investment cooperation between Italy and Bahrain, as we support companies in this context. Over the past three years, the Authority’s office in Manama has helped more than 250 Italian companies.” It allowed more than 100 Bahraini delegates to attend exhibitions and various events in Italy. I believe that we can achieve greater results in many areas of business, by working together across governments and the private sector as representatives in the Italian Trade Authority, the Economic Development Board in Bahrain, and the Italian-Bahraini Business Council, which enjoys important support from the embassies of the two countries.”
For his part, Co-Chairman of the Bahrain-Italian Business Council, Ignazio Moncada, said, “We are honored to participate in hosting this forum with the support of the embassies of both countries and the Bahrain Economic Development Board, which is directly in line with our goal in the Bahrain-Italian Business Council, which was created to strengthen close relations with members.” The two presidents in the business sectors between the two countries, which would pave the way for the start of a long-term continuous dialogue between Italy and Bahrain in various fields. “With the aim of encouraging beneficial exchange in the field of business between the two parties.” Co-Chairman of the Bahraini-Italian Business Council, Khaled Al-Zayani, said: “Bahrain embraces a group of Italian companies in various fields, and we believe that this forum will play a major role in continuing to expand the work of the Italian Trade Authority, and enhancing cooperation and communication with government and private parties. “In order to support sustainable business growth, exchange knowledge, and ultimately encourage the launch of new joint projects in Bahrain and Italy.”
Historical relations
Bahrain and Italy have a strong history of economic and trade relations, with many agreements signed across a range of sectors, which include protection of investments and mutual exemption from taxes on maritime transport. While bilateral trade in 2020 amounted to about 428 million, it more than doubled two years later in 2022; Bringing the total volume to 881 million euros.
Regarding Bahraini imports, Italy ranks first in mechanical parts, which are highly appreciated for their high-level technology along with fashion, and imports showed an increase of about 49% between the years 2021 and 2022, while food imports doubled from the year 2020 to the year 2022; Reaching about 40 million euros. The main products exported from Italy to Bahrain included industrial machinery, semi-finished products, furniture and vehicles. Italian products are recognized globally for their quality and innovation, making them highly appreciated in many sectors of the Bahraini market such as high technology, infrastructure and industry.
Bahraini exports
On the Bahraini side, aluminum (178% in 2021) and chemicals are among the categories most exported to Italy, and Bahraini exports to Italy in general increased by about 141.6% on an annual basis. Bahrain has strengthened its position as a preferred destination for companies from all over the world seeking to access the region’s rapidly growing market, through its strategic location, flexible legislative system, and a group of highly skilled talents fluent in both Arabic and English, in addition to world-class infrastructure. Bahrain offers some of the most competitive operating costs in the region.
Nearly 130 Italian figures play important roles in the business environment in Bahrain, either as members of the board of directors or owners of enterprises, with a strong focus on industrial companies. The forum highlighted the importance of the role of the Bahraini-Italian Business Council in deepening relations between Italy and Bahrain, while emphasizing the pivotal role of the Council in supporting joint efforts to enhance bilateral trade and mutual investment opportunities.
In a statement, Laurent Franciosi, Head of International Market Development at Casa Debodetti Prestiti, said, “The Kingdom of Bahrain is a partner with whom we share important cooperation prospects for Italy, and as a national promotional institution, we are pleased to participate in the bilateral dialogue between the two countries.” We are committed to ensuring that relations between Italy and Bahrain are further strengthened. With the aim of achieving sustainable and common development.”
