Dr. Fakhro revealed that there were a serious discussions to establish and build an integrated economic city with an estimate cost billions of dollars, and will represent a quantum leap in the economic performance of the Kingdom of Bahrain in the region
His comments came as he patronises a signing ceremony held between Bahrain Credit and Ahmed Mansour Al Ali Co, the owner of “Bahrain Industrial Gate” project in presence of MOIC senior officials.
Dr. Fakhro said that the importance of Bahrain Industrial Gate project that located in Ras Zuwaied on an area about 6 million feet , which represents the future work of industrial sector in the Kingdom of Bahrain. “This scheme is considered among the largest schemes industrial in Bahrain which attracts investment in various industrial fields, stressing the importance of partnership between public and private sector which will serve the country and citizens in the first place,” he added.
Under the terms of the agreement, Bahrain Credit will conduct the exclusive marketing industrial scheme, which considered the largest in the Kingdom and can be used for various industrial purposes and offers options for those wishing to get investment opportunities through purchasing industrial scheme and allows investors the option of obtaining funds to establish industrial projects.
The Minister called upon the Bahraini and Gulf Industrial and commercial companies which export their products and services to Bahrain to benefit of this industrial land, especially that the Kingdom of Bahrain was characterize by an attractive economic environment for investment and it is free from taxes and the possibility to take advantage Free Trade Agreement with the United States.
Dr. Fakhro is optimistic of commercial, industrial and service performance for Bahrain’s economy during the last period and not influenced the unfortunate crisis that witnessed by the Kingdom recently and proves that the confidence of investors in the Kingdom and registered 329 companies during the past three months, an increase nearly 30%.
With regard to industrial performance, the minister added that the demand volume on industrial land reached by the end of 2010 to nearly 6 million square meters, ahead of supply volume of land eight times, which reflects the competitive advantage of industrial that characterize the kingdom of Bahrain in attracting industries.
The coming quality projects include investments of specialized company in food besides the intention of a group of global investment companies to establish a company for building material and industrial affairs in the kingdom in cooperation with the private sector in the Kingdom, where is expected company’s investment to reach approximately $25 billion during the next ten years.