Manama, October 5 (BNA) The Bahrain Economic Development Board (Bahrain EDB), with the support of the Bahrain team, attracted $290 million (BD 109 million) in direct investments during the first three quarters of 2022 through 25 manufacturing and logistics companies established and expanding within The kingdom.
The investments are expected to create more than 1,200 jobs over the next three years.
Companies expanding in Bahrain include FedEx, BASF and Racing Force International. Meanwhile, new companies entering Bahrain include Bahrain Sugar Refinery Company, Hoover Circular Solutions, and KKC Industry WLL (iCool).
“We are very pleased to see international manufacturing and logistics companies establish and expand in Bahrain, taking advantage of the Kingdom’s strategic location, enabling it to tap into the USD 1.67 trillion GCC market,” said Ahmed, Executive Director of Manufacturing and Logistics Business Development in Bahrain. . Sultan said.
Manufacturing and logistics are among the priority sectors for us and within the framework of the economic recovery plan to support future growth and employment within the Kingdom.”
The manufacturing sector is an important and consistent contributor to the economy, accounting for more than 13% of GDP and a major driver of the Kingdom’s economic diversification, sustainability and future success.
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 member of the Gulf Cooperation Council.
Overall, Bahrain Economic Development Bank attracted $921 million (BD 348 million) in direct investments from 66 companies during the first nine months of the year.
The investments are expected to generate more than 4,700 jobs over the next three years in key sectors, including financial services, information and communications technology, logistics, manufacturing and tourism.
ZHB