CIMC Vehicle Group, the trailer division of China International Marine Containers (CIMC) Group, has announced plans for a manufacturing facility in Bahrain to produce refrigerated reefer trailers for export to the wider Middle East.
The $8bn Chinese multinational was attracted to the country by the Bahrain Economic Development Board (EDB), which is responsible for encouraging international companies to invest in the Kingdom.
Teresa Tan, CFO of CIMC Vehicle Group, said: “Bahrain was an easy choice for CIMC to launch its new manufacturing facility. The Kingdom has excellent infrastructure, cost competitiveness, a strong connectivity to Saudi Arabia as well as the GCC and the Middle East region.
“These are essentials for our operations. We believe Bahrain’s highly skilled workforce and open business environment provide us the perfect platform for our next growth phase.”
The EDB identified and targeted CIMC after the ‘China Road Show’ undertaken by the EDB in 2014.
Khalid Al Rumaihi, CEO of the EDB, commented: “We believe CIMC’s investment is a reflection of Bahrain’s excellent regional transport connections, mature regulatory system, and the strength of its highly-skilled local workforce.
“Bahrain offers global manufacturing companies like CIMC a number of competitive advantages. The Kingdom has the shortest travel time between seaport, airport, and logistics processing zones, and is connected to the GCC’s biggest economy.”
Al Rumaihi also pointed to Bahrain’s ranking as the 29th best positioned country in terms of the quality of our transport infrastructure, according to the World Economic Forum.
The CIMC group is worth almost $8bn, has over 300 member enterprises, a network that covers more than 100 countries and regions, and a workforce of 60,000 people.
It also describes itself as the largest container manufacturer globally since 1996, and, after entering the trailer business in 2002, as having risen to also become the world’s largest trailer manufacturer.
The initial phase of CIMC’s Bahrain facility will meanwhile deliver 20 local jobs.
Al Rumaihi added: “The EDB is proud to have played a part in securing CIMC’s investment and in creating more quality job opportunities for Bahrainis. We look forward to CIMC expanding their business operations even further in the Kingdom.”
Bahrain’s manufacturing sector currently accounts for over 14.6% of its real GDP, having grown by 20% over the past 5 years; and is the second largest contributor to the economy in the non-oil sector.
Manufacturers in Bahrain also benefit from its membership of the Great Arab Free Trade Agreement (GAFTA) and free trade agreements with the United States, Singapore, and Northern Europe.
