Bahrain Economic Development Board attracted $921 million in direct investment 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, logistics, manufacturing, tourism, and information and communications technology, Bahrain EDB — the public agency responsible for attracting investment to the country — said in a statement on Wednesday.
In particular, Bahrain EDB attracted $290m in the manufacturing and logistics sector through direct investment during the first three quarters of the year.
The investment was made through 25 manufacturing and logistics companies that were established and expanded within the country during the January-September period. It is expected to generate more than 1,200 jobs over the next three years, the statement said.
“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 GCC market,” said Ahmed Sultan, executive director for business development of manufacturing and logistics at Bahrain EDB.
“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.”
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 KKC Industries WLL (iCool), a Chinese manufacturer of heating, ventilation, and air conditioning products.
The manufacturing sector is a significant contributor to the economy, accounting for more than 13 per cent of Bahrain's 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 US FTA with a GCC member.
To boost the agile ecosystem and accessibility to key decision makers, Bahrain has adopted a “Team Bahrain” approach that brings businesses of all sizes together with decision makers to understand and respond quickly to their needs.
The country’s economy grew 6.9 per cent in the second quarter of 2022 to record the highest rate of growth in the past 11 years, driven by a strong performance in the country's non-oil sectors targeted under the country's economic reform plan.
Bahrain also posted a surplus of $88m in the first half of the year while recording a 52 per cent annual jump in revenue, the Gulf nation’s Ministry of Finance and National Economy said in August.
The country’s revenue in the January-June period stood at almost $4.5 billion.
