(MENAFN - Arab News) The opening of the new Salman Industrial City (SIC) will help Bahrain attract huge investments from the 1 trillion GCC (Gulf Cooperation Council) market, the Economic Development Board (EDB), the official economic development agency of Bahrain, said in a statement.
Chief Executive of the EDB Sheikh Mohammed Bin Isa Al-Khalifa said the industrial sector played a major role in the Bahrain economy, contributing approximately 16 percent of gross domestic product (GDP) and the new initiative offered a number of opportunities for international companies seeking to establish a position in the combined trillion dollar Gulf market.
"The opening of the Salman Industrial City will elevate Bahrain's position as a leading industrial development hub in the region in line with country's strategic Vision 2030," he added.
"The opening of this integrated industrial city is a landmark event for Bahrain and will play an important role in helping to attract foreign investment into the Kingdom," he said.
"The inflow of investments within Salman Industrial City has already reached 3.5 billion and will reach over 7.6 billion after its various projects are completed, which is a reflection of the benefits identified by international industrial companies in setting up operations in Bahrain and gaining access the surrounding markets through the excellent direct air and road links."
By Mahmood Rafique