India-based PET manufacturing firm Chemco Group plans to open a new plastics packaging facility at the Bahrain International Investment Park (BIIP) in Salman Industrial City.
With the new facility in Bahrain, the Chemco Group expects to be capable of offering its PET products to both local and regional companies in the country.
Chemco is expected to invest $10m for expansion in Bahrain until 2015 that would reach to $20m, by 2017, while the new facility is expected to experience a 15% to 20% year on year increase by the period.
Chemco Group chairman Ram Saraogi said the company is proud to establish a factory in Bahrain, which has a unique business environment, a diverse economy as well as a vibrant location that acts as a gateway to the Gulf market.
"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," Saraogi added.
The move follows a visit to the Bahrain Economic Development Board (EDB) by Chemco officials.
Bahrain EDB acting chief executive and transportation minister chief executive HE Kamal bin Ahmed said the authorities are happy to welcome Chemco Group to Bahrain and are looking forward to the many products it can bring in to the growing local market.
"Our longstanding 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," Kamal bin Ahmed added.
