Bahrain - A Chinese maker of heating and cooling equipment has set up a $10.7 million manufacturing facility in Bahrain aiming to cater to the Middle East, US, and European markets.
KKC Industries (iCOOL) also announced it expects to create 150 jobs and generate over $31m in revenue in the first year of its operation from the kingdom.
The manufacturer of heating, ventilation and air conditioning (HVAC) products seeks to use Bahrain’s strategic location and duty free trade through its FTAs with 22 countries around the world, including the first ever US FTA with a GCC member.
iCOOL said it serves customers from 130 countries with an annual revenue of $420m and approximately 80pc of the machinery it uses is designed and developed in-house, allowing it to operate at 10pc higher capacity than peers.
Gary Xu, general manager at iCOOL-Bahrain commented: “We build customer centric and products that are great value for cost, and Bahrain is the perfect location to capitalise on for our business through its refined manufacturing ecosystem, best-value operating cost and skilled workforce.”
Mr Xu added that the company looked forward to using the kingdom’s value proposition to generate high revenues as we target producing 480 containers of air conditioning insulation pipes within the first year of operation, equating to over $31m in revenue.
Also commenting was Ahmed Sultan, executive director of investment development for manufacturing, transport, and logistics at the Economic Development Board, who said: “Manufacturing is one of the key sectors for the kingdom’s Economic Recovery Plan and the investment opportunities it creates. This announcement is a reflection of Bahrain’s unique offering for investors. We are delighted that iCOOL choose Bahrain as their hub to serve their needs for their markets in the Middle East, US, and Europe while creating over 150 jobs in Bahrain during the next 3 years.”
The EDB is Bahrain’s national investment promotion agency.
As per the Economic Recovery plan, Bahrain aims to increase the manfucturing sector’s contribution to 80.1pc of total export by 2026. Manufacturing accounts for around 14pc of GDP and is the second largest contributor to Bahrain’s non-oil sector.
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