Bahrain plans industrial projects worth $5.8bn
Manama, January 6, 2010
Bahrain is planning a series of new industrial projects worth BD2.2 billion ($5.8 billion), the chairman of Bahrain Chamber of Commerce and Industry has said.
Dr Essam Fakhro also said the volume of investments pumped into new industrial projects has already exceeded BD1 billion.
Citing latest statistics, he said the contribution of industrial sector in gross domestic product topped 16 per cent.
'The industrial sector is expected to have more leverage soon, becoming a key purveyor of jobs,' Dr Fakhro said.
He also joined the business community in hailing the strategic importance of the iconic King Hamad Industrial City.
'The project is part of the landmark achievements in the prosperous era of His Majesty King Hamad,' he said.
He described the mega city as an added value with huge potential to generate investment opportunities and create a propitious environment for trade and commerce to thrive.
'The project is the practical translation of leadership's efforts to implement Bahrain 2030 Economic Vision,' Dr Fakhro said.
It comes amid festivities marking His Majesty's 10th Accession Day and Bahrain's 38th National Day.
It is also a key asset for Bahrain's economy, days after the iconic Khalifa bin Salman Seaport was opened.
'The City will also be crucial in boosting Bahrain's drive to diversify revenues in light of growing economic challenges,' Dr Fakhro said.
The industrial zone, he said, will attract high-value projects to promote domestic trade and woo foreign investments.
He also highlighted the growing clout of the private sector in playing a key role in Bahrain's development. – TradeArabia News Service