https://arab.news/y76jr
RIYADH: Bahrain recorded $290 million in direct investment in the first three quarters of the year, with 25 manufacturing and logistics companies setting up and expanding their businesses within the Kingdom.
The Bahrain Economic Development Board which is responsible for promoting investment in the Kingdom said this inflow of funds is capable of creating more than 1,200 jobs over the period of the next three years.
Some of the noted companies expanding within the Kingdom are FedEx, BASF, and Racing Force International, while the new firms entering Bahrain include Bahrain Sugar Refinery, Hoover Circular Solutions, and K.K.C. Industry, it 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,” said Ahmed Sultan, executive director – business development for manufacturing and logistics at Bahrain EDB.
Overall, Bahrain EDB attracted direct investment from 66 companies during the first nine months of the year, which could create 4,700 jobs over the next three years in key sectors, including financial services, information and communications technology, logistics, manufacturing, and tourism.
Sultan added: “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 the $1.67 trillion Gulf Cooperation Council market.”
The manufacturing sector is a significant and consistent contributor to Bahrain’s economy, accounting for over 13 percent of the gross domestic product. Manufacturers and logistics companies enjoy duty-free trade through Bahrain’s free trade agreements with 22 countries around the world, including the first-ever US Free Trade Agreement with a GCC member.