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Thats the 16 pin EOBD connector for the diagnostic code reader.
Note also that there is a fuse next to it for the radio and some of the dash display which you might need to change at a later date.
I'd rather push my Alfa than drive a BMW....
Currently in Lagdti's garage:
2004 Saab 9-5 HOT Aero and a 2001 Audi A3 1.8 Turbo