FDI inflow to Bahrain surges to $891m
Manama, October 31, 2013
Inflow of foreign direct investment (FDI) into Bahrain soared to $891 million last year, 14 per cent higher than $781m in 2011, Bahrain Chamber of Commerce and Industry (BCCI) president Dr Essam Fakhro said yesterday.
Dr Fakhro said Bahrain's economy has got solid credentials to achieve sustainable growth and attract FDI, reported the Gulf Daily News, our sister publication.
The accumulated FDI have so far topped $16.8 billion, despite the unrest and volatile global economy.
The BCCI president was speaking at the opening of the eighth Invest in Bahrain-Forum and Exhibition.
Council of Saudi Chambers chairman and Federation of GCC Chambers vice-chairman Abdullah Al Mobty, who also spoke at the event, said distinctive industrial cities in Bahrain have helped in attracting foreign investments and achieving concrete growth throughout the last five years.
"Exports of the kingdom totalled approximately $19.7 billion last year, compared with $13 billion in 2007," he said.
Central Bank of Bahrain executive director of financial institutions supervision Abdul Rahman Al Baker said over the years, the CBB has established a system of legislation and practices that contributed to the development of the financial sector.
"The number of employees in the financial sector in Bahrain is now more than 14,000 with 66 per cent of them being Bahrainis," he said.
Gulf Organisation for Industrial Consulting secretary general Abdulaziz Al Ageel said four investment opportunities - glass reinforced epoxy piping systems project, glass fibre reinforced gypsum mixers project, cross-linked polyethylene piping systems project and the expanded polystyrene insulating panels project have been identified for Bahrain.
"Through the forum, we hope to transform them into industrial projects in Bahrain, with investment value of the projects exceeding $1 billion," Al Ageel said. – TradeArabia News Service