The Economic Development Board (EDB) of Bahrain said that the region has attracted a direct investment of the total amount of $290 million in manufacturing and logistics. This investment came in the initial nine months of the year 2022 for the company as it is looking forward to modifying the framework of the country’s economy which is particularly based on oil.
In the upcoming three years, 1,200 jobs are expected to be created as a result of the investments, which will see 25 manufacturing and logistics companies establish and grow operations at a great level in the small island nation. According to the EDB, the share that manufacturing contributes is more than 13% of Bahrain’s GDP. According to the EDB website, manufacturing and logistics accounted for more than 30% of the $921 million in direct investment that the organization drew in the year that ended in September, up from $839 million for the entire year of 2021. There was no data on manufacturing investment for the previous year.
The nation has the goal to achieve a fiscal balance by the year 2024.
For the investment for Bahrain this year, the target of the EDB was $1 billion to attract in direct investment. The total amount of $921 million as an investment in total was anticipated to create 4,700 jobs in the sector of ICT, tourism as well as financial services in the upcoming three years.
According to an executive of EDB, who noted in the month of June to an established publication said that Bahrain has plans to set up in countries like China, the US, and the UAE, as the country was in talks with cloud computing companies of the mentioned nations for investment deals.
In the upcoming three years, 1,200 jobs are expected to be created as a result of the investments.
The nation also has the goal to achieve a fiscal balance by the year 2024, which is the target that has been delayed almost two years as a result of the covid-19 pandemic. The $10 billion rescue package from Kuwait, Saudi Arabia, and the UAE in 2018 helped it avoid a credit constraint, and it is linked to the medium-term budget plan.
The goal of the strategic” projects-funded economic recovery plan of the nation having an amount of $30 billion is to increase non-oil GDP by 5% in the present year and provide 20,000 Bahraini people with ‘quality’ jobs each and every year for the following two years.