Manama, November 18 (BNA) The Economic Development Board affirmed that it will continue to attract investments in the logistics sector to enable it to continuously grow and increase its contribution to the country’s GDP in support of the Kingdom’s comprehensive development. His Majesty King Hamad bin Isa Al Khalifa, and to achieve the development visions of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Chairman of the Economic Development Board.
The EDB will focus on sub-sectors that offer companies strong competitive advantages, including integrated logistics (3PL), courier and specialty logistics, as well as advanced e-commerce deployment centers that complement the growth of e-commerce in the region. The Kingdom’s strategic location, business-friendly environment, and advanced logistics infrastructure position Bahrain as an ideal location for logistics companies to establish their operations.
The logistics sector is a key component of the National Economic Recovery Plan and is at the core of our strategy at the Economic Development Board. Khalid Ibrahim Humaidan, CEO of the Economic Development Board, said that logistics, with its multiplier effect on various industries, supports growth and benefits from the manufacturing, transportation and e-commerce sectors while creating opportunities in tourism and information and communication technology.
Humaidan said, “Bahrain’s location, size, infrastructure and competitive operating costs enable operators in this sector to bring supply chains closer, saving time and money, and positioning the kingdom as an ideal hub for companies to access key markets in the region and beyond.”
Bahrain recently announced an economic recovery plan that includes the development of several priority sectors. The Economic Recovery Plan has set ambitious goals for the development of the logistics sector, and the Economic Development Board will work closely with partners in the public and private sectors to further the growth of this key sector. Goals in the logistics sector include increasing air freight levels to one million metric tons, tripling the current volume, as well as increasing the port’s freight volume to one million TEUs, and doubling the current volume.
In September 2021, the Kingdom announced the launch of the fastest multi-modal link corridor connecting the airport and sea port, which will reduce costs by 40% with a lead time of up to two hours. The EDB has attracted many global transportation and logistics companies including DHL, Agility and FedEx.
FKN