MANAMA: The Hamad Industrial City, which will be opened on Wednesday by King Hamad, will add a new dimension to the ongoing projects aimed at helping Bahrain attract foreign investment in the manufacturing and logistics sectors.
Around $7.6 billion has been pumped into industrial projects including the Hidd Industrial Area, Bahrain Investment Wharf (BIW) and Bahrain International Investment Park (BIIP).
At least 27,000 jobs are expected to be created, providing a strong platform for a sustainable manufacturing base in line with the kingdom’s strategic Vision 2030.
Minister of Industry and Commerce (MOIC) Hassan Fakhro said the creation of Hamad Industrial City would help Bahrain in its continued economic development and growth.
He said the city was conceived as a critical part of economic development plans for Bahrain. “It is the means of translating projections into real jobs for real people, the means of nurturing our entrepreneurial spirit and boosting our nascent industrial capability.”
Fakhro added although Bahrain has achieved a great deal in its industrial development, there is no room for complacency.
“We must build on the legacy left by the Hamad Industrial City and identify land for the next generation of industrial estates. We must develop the skills of our industrial workforce,” Fakhro said.
“We must recognize the importance of research and development to ensure that our Bahraini companies enhance their product offerings and develop higher technology products to meet future demand..” said the minister.
Most of all, we must encourage a growing number of Bahrainis to invest in industry and set up their own businesses and ensure the business environment in Bahrain remains enterprise friendly,” he said.
The minister said the aim of the industrial city was to attract domestic and foreign investors that would not only create employment and wealth in Bahrain but also introduce cutting-edge technologies and business management practices.
“We look forward to making Bahrain and the Hamad Industrial City home to an increasing number of export oriented Bahraini companies as well as making Bahrain a leading hub in the Gulf for inward industrial investment,” he said.
“Bahrain is the first country in the GCC to have signed a free trade agreement (FTA) with the United States. When you combine this with the fact that Bahrain is the region’s financial center, offers a tax-free, non-intrusive low-cost business-friendly commercial environment, and has a thirst for business, you get an understanding of what makes Bahrain such a special place for investors in both manufacturing and services,” the minister added.
Fakhro said Bahrain had excellent logistics support, financial services infrastructure and a stable reputation. He claimed they were key components in attracting investors.
Fakhro also said the fact Bahrain had not been that badly affect by the global financial crisis would place the country in an even stronger position as a “potential Gulf gateway for foreign manufacturers.”