Industry and Commerce Minister Dr Hassan Abdulla Fakhro hailed the decision of an Indian firm, polyester film maker JBF, to set up a plant at Salman Industrial City, saying the export-oriented venture would have a positive impact on the local economy.
JBF will have annual capacity to produce 90,000 tonnes in the first phase with plans existing for expanding and diversifying in course of time.
The Mumbai-based firm plans to invest $200 million in the enterprise which is expected to create 300 jobs. The polyester film it will produce has applications in the packaging of food and electronics. The company has been allocated a plot of 65,000 sq m at the Bahrain International Investment Park in Salman Industrial City.
JBF seeks to export most of its products to Europe and to the US, where it hopes to benefit from the Free Trade Agreement signed between Bahrain and the US.
Construction of the plant is due to start at the beginning of 2012.
Dr Fakhro received in his office JBF’s chief executive Cheerag Arya and his delegation in the last fortnight of 2011. Welcoming them on behalf of the Bahraini Government, he said all investments, especially high value-added, export-oriented and environmentally-friendly projects, were welcome in the kingdom due to their positive impact on the national economy.
He also highlighted the investment opportunities, facilities and incentives that Bahrain extended to regional and international companies, underlining the modern and reliable infrastructure, suitable environment and acceptable cost of living that would encourage businessmen to establish their projects.
He emphasised that the government was keen to provide all possible facilities to establish such investment projects.
Arya observed that Bahrain was strategically located and served as a unique investment destination in the region and expressed satisfaction that the JBF project would be established in the kingdom which he said was offering exceptional incentives and facilities to investors from around the world.
JBF was established in 1982 and is based in Mumbai.
