How to point the location of my Itunes music from my External Hard drive to a new computer?

Currently, I have all of my music files stored into an itunes folder on my WD Passport external hard drive. The music is also synced on my iphone.

I just bought a new computer and I downloaded itunes. At this point, of course, itunes is empty.

How do i transfer the music library data from my external hard drive into the itunes library on my new computer while keeping the music files stored on my external harddrive? I DO NOT want to fill my new computer with music! I want the location of the music to continue to "point" to my Passport drive. I also don't want to lose any music on my phone during an synchronizing processes. Please help!

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