Bahrain 'making key investments in plastics sector'
Manama, November 20, 2012
Bahrain is making key investment in the production of plastics polymers to cater to the growing demand in the Gulf, experts said.
A large number of Bahraini investors, including banks, manufacturers and funding companies, are investing into the rapidly growing GCC polymers industry, said the organizers of Arabplast 2013, a major trade show for rubber, plastics and petrochemicals.
Speakers at the press conference, organized in Manama by Messe Düsseldorf Germany and Al Fajer Information and Services, emphasized the leading role played by Bahrain’s petrochemicals industry which channels its output to more than 150 countries worldwide.
The strategy resembled the country’s tremendous efforts that led to the financial sector boom in early nineties, and helped positioning the Kingdom as the financial hub of the Gulf region, they said.
The investments in plastics industry could reap similar results, said Satish Khanna, general manager, Al Fajer Information and Services.
The petrochemical industry is the backbone of industrial development in Bahrain and plays pivotal role in the Kingdom’s economy. The industry has contributed to creating new downstream industries in Bahrain such as chemicals, detergents, paint, medical and industrial gases, plastics, synthetic sponges, glass and heat insulators. All these form a major part of an industrial sector that is attracting private sector investors due to lower investment and high profitability, he said.
A record number of companies from 47 countries are participating in Arabplast 2013, a reflection on the growing importance attached by GCC countries to strengthening their manufacturing industries.
ArabPlast 2013 will be held from January 7 to 10, 2013, at the Dubai International Exhibition Centre. – TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Gulf Extrusions unveils key techniques at Italy show
- Tata Steel rules out EU assets sale
- Egyptian firm Maridive inks $150m Islamic loan
- GPIC marks work safety milestone
- Sabic unveils green plastics for construction
- Sabic opens new facilities in Jubail
- Asry plans multimillion dollar floating dock
- TNT unveils new communication unit in Oman
- Hilco plans sale of seafood unit equipment
- Alessa unveils Qatar expansion plans