Bahrain Industry and Commerce Minister Dr Hassan Fakhro praised Banawi Industrial Group for planning to set up a new world-class technology centre at the Bahrain International Investment Park (BIIP).

He welcomed Banawi Industrial deputy chairman Shaikh Waleed Al Banawi and wished his company success.

It is one of the leading regional manufacturing companies in specialty chemicals and packaging.

The centre is in keeping with the group's commitment to provide cutting-edge, technology-based solutions to its customers throughout the region.

It will be the group's anchor for future product innovation and will create job opportunities for young, talented Bahraini men and women with diverse scientific disciplines to develop and grow, supplemented by scientists from all over the world.

'We have carefully selected this location. This strategic milestone is an important step to realising our chairman's vision for the group of being the undisputed leader in each of its core businesses and in each country in its core region,' said Shaikh Al Banawi.

Dr Fakhro welcomed the announcement saying: 'This is a very welcome investment.'

'I particularly value the highly-skilled employment associated with a project of this nature, which adds to the growing list of regional and international companies doing business in Bahrain.'

In March, Dr Fakhro announced that another Saudi firm, the Saudi Arabian Amiantit Company, headquartered in Dammam, intends to invest $60 million to build pipe and resin manufacturing facilities at BIIP.

A third Saudi company S+ A Abahsain, headquartered in Al Khobar, will later this year start production of E-CR fibers at their $60 million facility on the park.

The meeting was attended by acting under-secretary of Industry Affairs Osama Al Arrayedh and BIIP project manager Brian Cogen.-TradeArabia News Service