https://arab.news/nmc3a
Bahrain has laid the foundation stone for the United States Trade Zone, or USTZ, on Feb. 21 at the Salman Industrial City.
The USTZ was formally opened by Bahrain's Minister of Industry, Commerce and Tourism, Zayed bin Rashid Al Zayani.
“It is my pleasure to formally open the US Trade Zone here in Bahrain, which stands as a prime example of the fruits of strong economic relations shared between our two countries,” said Al Zayani.
The ceremony was attended by the US Ambassador to Bahrain, Steven C. Bondy, top members of the Bahrain Logistic Council, along with other senior officials.
The USTZ is expected to become operational by 2025, and will widen economic cooperation between the two countries.
The USTZ is the result of a Memorandum of Understanding, MoU signed between Bahrain and the US in 2021. The trade zone will serve as regional manufacturing, logistics, and distribution hub for US companies with a presence in Bahrain and the wider GCC.
“As part of a more extensive free trade agreement, the US Trade Zone will facilitate increased economic relations with the US, therefore aiding Bahrain’s post-Covid economic recovery,” added Al Zayani.