A regional hub for trade and production

A NEW trade zone will be established in Bahrain in collaboration with the US to serve as a regional centre for trade, production, logistics services and distribution.

It will also help create quality job opportunities for citizens in sectors such as industry, commerce and supporting services, said Mumtalakat chief executive Khalid Al Rumaihi.

He was addressing a Press briefing on ‘Strategic Projects Plan’ under the government’s Economic Recovery Plan, at the Arcapita headquarters in Bahrain Bay yesterday.

“A memorandum of understanding was signed between Bahrain and the US which will open wide horizons for joint co-operation and economic relationship between the two countries,” he said.

The US-Bahrain Free Trade Agreement marked its 15th anniversary earlier this year and the latest project is expected to further strengthen ties between the two countries.

Mr Al Rumaihi also highlighted that an aluminum processing zone, which will host manufacturing projects, will be established near Alba.

Attract

This will attract local and foreign investments in the aluminum sector and the development of oil and further develop exports in the field.

“This will also support in increasing the contribution of the non-oil sectors in general and the manufacturing sector in particular to the Gross Domestic Product of Bahrain as well as creating job opportunities for citizens in the field,” he added.

“The foundation stone for the Bapco refinery modernisation project was laid in March 2019 and it is considered the largest industrial project in the history of Bahrain.

“The project aims to raise productivity and competitiveness of the refinery in the global market.

“It is also hoped that the refinery modernisation programme will contribute to increasing the refinery’s capacity from 267,000 barrels a day to 380,000 barrels a day.”

Meanwhile, Economic Development Board (EDB) Attracting Investments executive director Ali Al Mudaifa said that the investment platform is an electronic platform to promote investment opportunities available in Bahrain and is under the direct supervision of EDB.

He added that through this platform, investors can obtain integrated information about the available development and strategic projects for investment.

“They can also communicate with authorities responsible for the project in the event of any inquiries or request clarifications regarding the project.

“The launch of the platform and method of use will be announced soon.”

 

Source: https://www.gdnonline.com/Details/1014736/A-regional-hub-for-trade-and-production

 

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