The manufacturing and logistics industries received a total of $290 million in direct investment, according to the Bahrain Economic Development Board on Wednesday.
The manufacturing and logistics sector investments, the council continued in a statement, have helped launch 25 new businesses and will create 1,200 new jobs over the next three years.
According to the Economic Development Board, Bahrain’s industrial sector contributes more than 13% of the country’s GDP.
More than 30% of the total direct investment that the council garnered this year up until the end of September was in the manufacturing and logistics sector.
In total, the $921 million in investments is anticipated to generate 4,700 employment over the next three years in industries like financial services, ICT, and tourism.
The EDB set a $1 billion target for direct investment this year.
In June, a council executive told Reuters that Bahrain was in advanced negotiations to invest with cloud computing firms to establish headquarters there from the United States, China, and the United Arab Emirates.
Due to the Corona outbreak, Bahrain is two years off schedule in achieving its target of budgetary balance by 2024.
The goal of Bahrain’s $30 billion in “strategic” projects-funded economic recovery plan is to increase non-oil GDP by 5% this year and generate 20,000 “quality” employment annually for the following two years.
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