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Sat 12 Nov 2011 09:40 AM

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Bahrain committed to Italy roadshows despite Euro crisis

Gulf kingdom to press ahead with investor roadshows in Milan, Rome - ambassador

Bahrain committed to Italy roadshows despite Euro crisis
Italys Prime Minister Silvio Berlusconi (R) who has been forced to resign amid his countrys debt crisis. (AFP/Getty Images)

Bahrain will press ahead with its investor roadshows in Italy later this month despite the dire economic outlook for the European country, an official has said.

As Italy's borrowing costs touch a new high of seven percent, its ambassador to Bahrain has moved to allay fears of a dip in relations with Bahrain.

Enrico Padula, Italian Ambassador to the Gulf kingdom said the first roadshow of Bahrain to Italy would go ahead.

He told the Bahrain News Agency that the relations between Bahrain and Italy were "taking great strides ahead", with the roadshow, designed to promote Bahrain investment opportunities abroad, set to start in Milan on November 14.

The three day event, organised by Chamber of Commerce of Milan and Confindustria and the Economic Development Board and the Bahrain Chamber of Commerce and Industry, will move to Rome on November 16.

‏The ambassador said that there will soon be a new government that will "resolve the woes of the nation".

He added that relations with Bahrain were positive, with a total of 50 Italian businesses registered for the roadshow.

‏Padula also said the launch of Gulf Air direct flights to Rome on December 1 will boost business between the two countries.

On Italy's outlook, the ambassador said if the country can work out a credible economic reform  then the country "could be looking away from any worry at all".

Italy moved closer to a national unity government on Thursday, following Greece's lead in seeking a respected veteran technocrat to pilot painful economic reforms in an effort to avert a euro zone bond market meltdown.

In Rome, former European Commissioner Mario Monti emerged as favourite to replace Italian Prime Minister Silvio Berlusconi within days and lead an emergency government that would implement long delayed reforms of pensions, labour markets and business regulation.

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