Wednesday 18 / September / 2024
Mumbai : With the support of Team Bahrain, the Bahrain Economic Development Board (Bahrain EDB) has secured investment commitments valued at USD 16.65 million from three leading India-based companies across the sectors of manufacturing, renewable energy, and ICT. The announcements were made during Bahrain EDB's ongoing week-long visit to Mumbai, Bengaluru, and Chennai, designed to strengthen bilateral economic ties and attract foreign direct investment to Bahrain.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, said, "We at Bahrain EDB are proud to welcome these companies to our business-friendly island nation, further underscoring the robust economic and commercial ties between India and Bahrain that have been traced back 5,000 years to the Dilmun and Indus Valley civilizations. This cumulative investment reflects the strength and competitiveness of Bahrain's value-proposition and fast-growing reputation as a key regional hub for leading manufacturing and niche technology firms seeking a trusted international destination for expansion."
Among the Indian companies expanding, Chemco is gearing up for its third expansion in Bahrain since it first announced its plans to set up its factory in Bahrain in 2013, with an aim of augmenting its rigid packaging production capacity at Bahrain International Investment Park (BIIP), incorporating fully automated production lines to meet the growing demand in Bahrain's Fast-Moving Consumer Goods (FMCG) sector. Since its establishment in India in 1980, Chemco has expanded beyond traditional packaging into comprehensive secondary and tertiary solutions, ensuring that every stage of the packaging process is expertly managed. Promoting sustainability through recycling initiatives and units, Chemco has maintained a commitment to traceability and delivering environmentally responsible packaging solutions.
Chemco Managing Director, Gaurav Saraogi, said, "We are excited to expand our operations and production capabilities in Bahrain, where the business environment offers unmatched opportunities for growth and a supportive ecosystem for investors. Bahrain has proven to be a strategic partner in driving our success, with its streamlined processes, ease of doing business, and commitment to working towards a carbon-neutral economy which aligns with Chemco's long term objectives of deeply ingraining sustainability principles across all operations to pave the way for a greener future."
Additionally, Bhageria Industries is investing in Bahrain with plans to develop an 11.40 MW solar project. Awarded a 10-year turnkey contract by APM Terminals Bahrain, operator of Khalifa bin Salman Port, Bhageria was first established in 1989 as a manufacturer of dyes and dye intermediates and has since diversified into solar power generation and Engineering Procurement and Construction (EPC) contracts. The Bahrain project marks Bhageria's first international solar venture, further solidifying Bahrain's commitment to renewable energy.
The third company, an ICT firm, is setting up its regional headquarters in Bahrain, further strengthening the Kingdom's growing capabilities in technology and AI. This investment will contribute to Bahrain's ongoing efforts to build a tech-driven, intelligent economy backed by a future-ready, highly skilled talent pool.
Bahrain's strong business environment, strategic location, and supportive government policies continue to attract significant investments from Indian companies. India's FDI stock in Bahrain has grown by 36.6 per cent between 2019 and 2023, adding an average of USD 102 million annually, with total FDI stock reaching USD 1.52 billion in 2023.
About Bahrain Economic Development Board (Bahrain EDB)
Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
Bahrain EDB works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
Bahrain EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT and tourism. For more information on the Bahrain EDB, visit www.bahrainedb.com .
