Bahrain attracts $290 million investment in manufacturing, logistics

Agencies | Manama        

The Daily Tribune – www.newsofbahrain.com

The Bahrain Economic Development Board (Bahrain EDB), supported by Team Bahrain, attracted $290 million (BHD109 million) in direct investment during the first three quarters of 2022 through 25 manufacturing and logistics companies setting up and expanding within the Kingdom.

The investments are expected to generate more than 1,200 jobs over the next three years.

Companies expanding in Bahrain include FedEx, BASF, and Racing Force International. Meanwhile, the new companies entering Bahrain include Bahrain Sugar Refinery, Hoover Circular Solutions, and K.K.C. Industry W.L.L (iCool).

"We are very pleased to see international manufacturing and logistics companies set up and expand in Bahrain, benefiting from the Kingdom’s strategic location, enabling them to tap into USD1.67 trillion GCC market," Bahrain EDB for Manufacturing and Logistics Business Development Executive Director Ahmed Sultan said.

Manufacturing and logistics are among the priority sectors for us and under the Economic Recovery Plan to support future growth and employment within the Kingdom."

Manufacturing sector is a significant and consistent contributor to the economy, accounting for over 13% of the GDP and a key driver of the Kingdom’s economic diversification, sustainability and future success.

Manufacturers and logistics companies enjoy duty free trade through Bahrain’s FTAs with 22 countries around the world, including the first ever US FTA with a GCC member.

Overall, Bahrain EDB attracted $921 million (BHD348 million) in direct investment from 66 companies during the first nine months of the year.

The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.