Bahrain has ample potential for growth in the industrial sector and the prospects are good, says a veteran industrialist.

“We have scope to do a lot more since we have abundant supply of raw materials for many industries,’’ says Dr Mustafa Al Sayed, the president of Bapco.
Dr Al Sayed, who till recently was the head of the Gulf Petrochemical Industries Company (GPIC), says the country can provide raw materials including petroleum products, aluminium and petrochemicals to a number of downstream and basic industries.
The key to industrial growth is to utilise our raw materials and encourage medium and small-scale industries in the kingdom, he says.
“I am very pleased that Bapco has embarked on a number of projects costing more than $1 billion to diversify and add value and modernise operations,’’ adds Dr Al Sayed.
Speaking on the slow pace of private investment in the sector, he says industries are by nature very capital intensive and many in the private sector do not want to get involved because of the high risk factor. But if a project is properly studied, conditions are properly evaluated and the resources for its success are made available, they will bring good profits, he says.
“It takes time in the beginning to overcome the teething problems, finding markets and people with skills. That can be overcome,” says Dr Al Sayed.
Referring to the Bahrain-US Free Trade Agreement, he says it’s a win-win deal for both the countries.
“There is mutual benefit by dropping tariffs and promoting businesses. This will benefit end-users in the US as far as our products are concerned because most of our products are basic raw materials for other downstream industries.
“Energy is cheap and abundant in Bahrain and therefore the products from Bahrain will be cost effective to US manufacturers and finally to customers.”
He says the relationship between the US and Bahrain is unique. “We have cooperation in various fields. I believe that we will gain more from technology and direct investments in the industrial field