Bahrain secures $16.65-mn in investments from Indian companies
From three leading India-based companies across the sectors of manufacturing, renewable energy, and ICT
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Bengaluru: The Bahrain Economic Development Board (Bahrain EDB) has secured investment commitments valued at $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, it said in a statement. 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." In the statement, Bahrain EDB said that among the Indian companies, 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.
Additionally, Bhageria Industries is investing in Bahrain with plans to develop an 11.40 MW solar project and 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, it stated. According to Bahrain EDB, India's FDI stock in Bahrain has grown by 36.6 per cent between 2019 and 2023, adding an average of $102 million annually, with total FDI stock reaching $1.52 billion in 2023.
