The Minister of Industry and Commerce Dr. Hassan Abdulla Fakhro and the representative of JBF inked an agreement for establishing a Polyester Film Plant in Salman Industrial City at an investment of $200 million.
The agreement signing ceremony took place at the Ministry’s premises in Seef District where JBF team gave a brief on the new venture.
The company was allocated a land of 65,000 square meters in Bahrain International Investment Park (BIIP) at Salman Industrial City.
“The company is willing to invest preliminarily $200 million into the project to produce polyester films used in packaging of electronics and food. These products will be mainly marketed in the European Union and the USA in order to benefit from the free trade agreement with USA. It is expected to start construction of the project in the beginning of 2012.
Dr. Hassan Fakhro held talks with Cheerag Arya, CEO of JBF heading a delegate from the company. Dr. Fakhro welcomed in behalf of the Government of Bahrain all the investments and especially the high value-added, export oriented and environment friendly projects due to its positive impact on the national economy. Also, explained Bahrain’s investment opportunities, facilities and incentives offered to the regional and international companies. In addition, he highlighted the modern and reliable infrastructure, suitable environment and acceptable living cost to establish such projects. He emphasised on the Government and the Ministry of Industry and Commerce keenness in providing all the possible facilities to establish all types of investment projects.
JBF was established in 1982 and is headquartered in Mumbai India. It is a publicly listed company employing total of 2,500 people globally. It has achieved a yearly turnover of $1.5 billion.
According to the CEO JBF, the expected total employment will be 300 jobs and the production capacity will be 90,000 tons in the first phase which could be expanded and diversified at later stage.
Arya appraised the strategic location of Bahrain as a unique investment destination in the region, expressing his happiness to establish this project in Bahrain due to the exceptional incentives and facilities offered to the investors from around the world.
He also appreciated the leadership and the Ministry of Industry and Commerce efforts in attracting Foreign Direct Investments adding a new dimension to the economy.
“This will always brand Bahrain as the preferred destination for projects and companies.”