The Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani headed the Bahraini delegation to the U.S. Bahrain Business Forum, organised by the US Chamber of Commerce, in Washington D.C. The forum was held during the visit of HRH the Crown Prince and Prime Minister, Prince Salman bin Hamad Al Khalifa, to the United States.
The event was attended by the US Deputy Secretary of Commerce, Don Graves, the Senior Vice President of Middle East Affairs and International Development at the U.S. Chamber of Commerce, Khush Choksy, and the US ambassador to Bahrain Steven Body, as well as other senior officials.
During the meeting, Al Zayani affirmed that longstanding Bahrain-US relations continue to create new opportunities for greater collaboration between the two nations. He highlighted that one of the key products of this cooperation is the recent establishment of a United States Trade Zone (USTZ) in Bahrain, providing ease of access to the Kingdom’s and GCC markets.
The Minister took part in a roundtable discussion, alongside the CEO of the Economic Development Board, Khalid Ebrahim Humaidan, entitled “The US Trade Zone in Bahrain: The Gateway to the Gulf”. During the discussion, the Minister identified the USTZ as integral to achieving the goals of the Industrial Sector Strategy (2022-2026), part of the Economic Recovery Plan.
The Minister explained that the strategic location of the trade zone, close to the airport, the King Fahad Causeway and the Khalifa bin Salman seaport, will ensure the efficient entry and movement of goods.
He stressed that this project will further strengthen the economic collaboration between the two nations, not least given the existing Free Trade Agreement between the Kingdom and the US. The Minister affirmed that the project is the first of its kind in the GCC and adds to the Kingdom’s ambitions to be a regional investment hub.
The opening of the USTZ took place in February 2022 in Salman Industrial City. It followed discussions during His Royal Highness the Crown Prince and Prime Minister’s visit to the United States in 2019, and the signing of a memorandum of understanding in 2021 to deepen economic, commercial and industrial cooperation between the two nations.
Source: Bahrain News Agency