The construction of a US Trade Zone in Bahrain, an island country in Western Asia on the Persian Gulf, has been launched. The launch comes following the visit of Salman bin Hamad, crowned prince and prime minister of Bahrain, and subsequent signing of a memorandum of understanding to strengthen the commercial, economic and industrial cooperation between the United States and Bahrain.
Also Read: The Bahrain Metro Project.
Pointing to the project’s announced plan, the United States and Bahrain have set to promote the zone, as a regional center for manufacturing, trade, logistics, and distribution between American companies operating in Bahrain as well as markets of the Gulf Cooperation Council and abroad.
The United States of America and Bahrain are linked together by a free trade agreement that was signed in 2006. According to data from the Bahrain Chamber of Commerce and Industry, the agreement contributed towards the boosting of trade exchanged between the two countries from US$ 400M to US$ 3bn.
Implementation of the US Trade Zone in Bahrain
The US Trade Zone in Bahrain will be constructed on a total of 110,000 square meters of land expandable to 1.11 million square meters within the industrial city of Salman. The site is only five minutes from the Khalifa Bin Salman Port that acts as a link between Saudi Arabia and Arabia.
The port is only 10 minutes away from the Bahrain International Airport, and 25 minutes away from the aking Fahd Causeway
According to an official statement from the project for the construction of the US Trade Zone in Bahrain, companies that are operating in the U.S Trade Zone will be privileged to several advantages, or rather benefits.
These include but are not limited to, exemptions from custom duties for imported raw materials, manufacturing, spare parts, and construction machinery. The companies will also be entitled to receive help from several Bahrain government agencies that offer support to startup companies.
