Bahrain’s Ministry of Industry, Commerce and Tourism has signed a Memorandum of Understanding (MoU) with the US Department of International Trade to establish an American trade zone in the Kingdom.
Zayed bin Rashid Alzayani, Bahrain Minister of Industry, Commerce and Tourism said, “The availability of economic opportunities in our region is an ideal opportunity for American companies to invest and expand their business by establishing in the Kingdom of Bahrain.”
He stated that the agreement will open broader horizons for improving joint trade ties in line with the benefits of the Free Trade Agreement binding Bahrain and America. It will further enhance the long-standing relationship between the countries, which have a long history of strong economic and security cooperation.
US Secretary for Trade Wilbur Ross emphasized the importance of Bahrain as the US’s strategic and commercial partner, noting that the platform would maintain the stability and ensure the advancement of the American trade in the Gulf region.
“The signing of this memorandum comes to reinforce this common commitment and the close relationship between the two countries,” Mr. Ross added.
The American trade zone in Bahrain intends to enhance economic, commercial, and industrial cooperation and drive the bilateral trade between the two countries to further phases.
The US and Bahrain will promote the trade zone as a regional center for trade, manufacturing, logistics, and distribution among American companies in the kingdom, the Gulf Cooperation Council (GCC) markets, and beyond.
Furthermore, the American trade zone will enable US companies to operate in an area equipped for goods exchange activities and comprehensive logistical solutions, in addition to providing export operations through Khalifa Bin Salman Port, Bahrain International Airport and King Fahd Causeway or through any other ports to be established in the future in the kingdom through specialized customs solutions.