MANAMA, 3 January 2008 — Bahrain and Italy agreed to establish a joint company called Bahraini Italian Development Company (BIDCO) aimed at helping and promoting two-way trade, business, economic and commercial activities.
The formation of the new company is seen as a major step forward to bring the private sectors of both sides closer especially offering assistance to the small-and medium- enterprises (SMEs).
Italy is a leader among other developed countries and has a very sophisticated SME set-up which constitutes over 85 percent of the total industrial sector.
The new entity is set be launched today at a press conference to be addressed by the Italian Ambassador Calogero Di Gesu and the founding Chairman of BIDCO Ahmed Jawahery.
The Italian Deputy Deputy of Foreign Affairs Ugo Intini, who is currently visiting Bahrain, is expected to witness the BIDCO launching ceremony at the embassy premises.
Ahmed Jawahery said that BIDCO would give a total new dimension to the existing businesses especially the start-ups from both Bahraini and Italian sides.
Jawahery added: “This is the first time that the Bahraini investors or businesses will have a proper platform to seek proper direction while entering into Italian side or vice versa. We will provide all possible help and assistance to the new Bahraini businesses keen on establishing direct trade links with Italy or establishing a joint venture.”
As part of a strategy, Jawahery said, BIDCO is partnered with Simest, the largest entity in Italy offering financial and technical assistance to the SMEs. “This is a very significant move as Bahraini businesses will have proper assistance and guidance with a sole aim to develop, strengthen and enhance the existing business between the two sides. We hope this initiative will also help Italian investors, businessmen and other entities keen to utilize Bahrain’s strategic location in the region.”
Talking about the board, Jawahery said, that initially there are Adel Al-Saffar and Ali Jawahery are serving on the board. The board will be extended after the formal launch of BIDCO.
According to an estimate, there are about 150 Italians registered in embassy directory and with over 300 Italian citizens working in various sectors in the Kingdom.
Many of them are representatives of various Italian companies and banks. A number of them have also entered the hospitality industry, acquiring top positions such as directors and operating managers.
Italian Ambassador Calogero Di Gesu in a previous interview said: “I think it goes without saying that a lot of them are in the conference and banqueting departments. Our trade relations with Bahrain are more than 20 years old and flourished tremendously over the years. The year 2006 was our most impressive, with exports worth over 300 million Euros to Bahrain. Our imports from the Kingdom accounted for about 100 million Euros. Clearly, our exports have exceeded imports in the past year.”
He added: “Our primary export items are machinery for industries which has largely contributed to the construction of major business towns and establishments here. We are, as you can see, on the first rung of the ladder to make the Italian presence felt in the Kingdom.
“The establishment of the Italian-Bahraini Friendship Association is just one of our initiatives. Bahrain will open its embassy in Rome in the near future. We are looking forward to an exchange of delegates from the two countries as well as the establishment of educational institutions. Some of the plans we intend to implement in Bahrain aim to bring Italy’s arts here.”
“A college or school specializing in hotel and restaurant management, or a gastronomical institute for those who want to take up cooking as a profession and for artists who wish to master their craft are all in our plans.”
