Bahrain’s Ministry of Industry, Commerce and Tourism (MoICT) has declared the laying of the foundation stone for the American Trade Zone (USTZ), located in Salman Industrial City.
The ceremony was attended by Mr. Zayed bin Rashid Al Zayani, Minister of Industry, Commerce and Tourism, Mr. Steven C. Bondy, US Ambassador to the Kingdom of Bahrain, members of the Bahrain Logistics Council and senior officials.
The American Trade Zone is part of the investment and strategic projects package declared in the Industry Sector Strategy (2022-2026), which comes within the economic recovery plan, with an area of approximately 110,000 square meters, which amounts to 1.11 million square meters with future expansion.
The USTZ project follows the visit of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister to the US in November 2019.
In 2021, a Memorandum of Understanding (MoU) was signed for setting up the trade zone which will help to boost the economic, commercial and industrial cooperation and support bilateral trade exchanges.
The two countries aim to promote the zone as a regional center for trade, manufacturing, logistics and distribution among the American companies in Bahrain and GCC markets beyond.
Commenting about the USTZ, Mr. Al Zayani stated, “The availability of economic opportunities in the region is an ideal opportunity for American companies to invest and expand their business through the American trade zone in Bahrain.”
The new trade zone is expected to usher broader prospects for joint commercial relations between Bahrain and the US in accordance with the advantages of the free trade agreement.
The inauguration of the hub reflects the ministry’s commitment to achieving the visions of the wise leadership in implementing the goals and initiatives that have been set in order to fulfill the desired recovery of the economy, the minister noted.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
