December 22, 2013
– Group’s investment in Bahrain is expected to reach USD 20 Million by 2017 –
– GCC plastic packaging industry worth approximately USD 400 million –
Manama, Kingdom of Bahrain – Indian PET manufacturing company, Chemco Group, has announced that it is set to establish a factory at Salman Industrial City in Bahrain. The announcement comes following a meeting held between HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of Bahrain Economic Development Board (EDB), and Chemco Group senior officials.
The meeting discussed the Group’s plans to operate in the Kingdom and the job opportunities it will create for Bahrainis, along with the other benefits it will offer to the local market with its specialised products.
HE Kamal bin Ahmed commented: “We are happy to welcome Chemco Group to Bahrain and are looking forward to the many products it can bring in to the growing local market. Our longstanding ties with India have proven that it is an important economic partner for us, particularly as Indian companies have found Bahrain to be an ideal location for investment. Indian companies are attracted to Bahrain’s convenient business environment, transparent progressive legislations, and of course the cultural and environmental similarities between the two countries.”
Chemco’s investment in Bahrain is expected to reach USD 10 Million with systematic expansion planned up until 2015 and is expected to reach USD 20 Million by 2017. Moreover, the new facility will create over 80 jobs for the local market, and is expected to increase by 15 – 20% year on year to create at least 20 more jobs by 2017.
Chemco Group chairman Ram Saraogi said: “We are proud to establish a factory for our group in Bahrain, offering this unique business environment, diverse economy as well as a vibrant location that acts as a gateway to the Gulf market. This is an important move for us, as it will enable us to develop the group’s business and provide our various products to different clients in Bahrain and the region.”
The EDB has worked on attracting Chemco Group to invest in Bahrain, In line with its role and efforts to promote Bahrain’s business environment, and to attract Foreign Direct Investment (FDI) to the Kingdom. It has helped the Group obtain a license for operating and establishing the factory in Bahrain, to offer its products to the local and regional market.
Chemco Group was established in 1980, and it is one of the leading manufacturers of PET preforms in Asia with a 26% market share inclusive of exports. The Group is specialised in manufacturing bottles and jars of various sizes and shapes ranging from 15ml to 25,000ml all under one roof. It has many clients including, Coca Cola, Pepsi, Reckitt Benckiser and many other international manufacturing companies.
The GCC has experienced a period of rapid growth in recent years, where the region’s market value for plastic packaging industry currently worth approximately 400 million USD. Growth is forecast to continue with plastics consumption set to grow 8% by 2020.
Currently, Bahrain is home to a large Indian community. The Kingdom’s total trade with India reached US $1.7 billion in 2011, according to the international Monetary Fund.
– ENDS –
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
Further information please contact:
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903