India-based PET manufacturing firm Chemco Group will build a plastics packaging factory at the Bahrain International Investment Park in Salman Industrial City.
Once completed, the factory will produce PET preforms that can be used in the manufacturing of bottles and jars of different sizes and shapes. According to the company, the new facility would bring 80 new jobs to the local market. By 2017, the number may reach 20 with a 15% to 20% year-on-year growth rate. Chemco stated that its investment in Bahrain would reach $10m by 2015. Further systematic expansion in the country will lead the investment figure to reach $20m by 2017.
With support from the Bahrain Economic Development Board (EDB), the company has already received a license for establishment of the plant and operations within the country. EDB acting chief executive Kamal Ahmed said that the board is expecting many products to be manufactured by Chemco’s new facility to meet increasing demand from the local market.
“Our long-standing ties with India have proven that it is an important economic partner for us, particularly as Indian companies have found Bahrain to be an ideal location for investment, in terms of its business environment, transparent progressive legislations, and of course the cultural and environmental similarities between the two countries,” added Ahmed.
Chemco chairman and managing director Ram Saraogi said: “Through this deal, we are able to develop the group’s business and provide our various products to different clients in Bahrain and the region.”