EDB, Armacell discuss investment opportunities in Bahrain

Manama, Apr. 23. (BNA) -- A meeting was held between H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Economic Development Board (EDB), and a high-level delegation from Armacell, a world leader in the market for flexible technical insulation material. The parties discussed opportunities and benefits available to the company in the Kingdom, particularly its open and free economic environment. The delegation was also briefed on the Kingdom’s policy on attracting manufacturing companies, and efforts taken to attract foreign investment into Bahrain. Armacell was also encouraged to establish operations in the Kingdom. Commenting on the meeting, H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Economic Development Board (EDB), said: "We welcome the delegation from the German manufacturer Armacell to the Kingdom, and are proud to have Bahrain as a destination for such international companies to benefit from the Gulf market which is now worth 1.5 trillion dollar. This is testament to what Bahrain offers in terms of an encouraging environment for investment, with competitive start-up costs and a qualified workforce ." Meanwhile, Ms. Vivian Jamal, Executive Director of Business Development at the EDB said: "We are confident that the advantages Bahrain’s economy offers, as well as its supporting infrastructure, are attractive factors for international companies. One example of this is in the number of companies operating at Salman Industrial City. We at the Economic Development Board place a great deal of emphasis on the economic returns to the Kingdom and the jobs created in our efforts in attracting a new company to Bahrain." The company, with its headquarters in Münster, Germany, has generated a gross annual turnover of 500 million euros in 2014. Armacell has around 2,500 employees and manufactures products at 20 plants in 13 countries in four continents. It produces thermoplastic insulation materials, covering systems, fire protection and noise control solutions as well as special foams for multitude of industrial applications. The meeting was attended by Ms. Jamal, as well as Armacell Executive Vice-President Dr. Karl Paetz-Lauter, General Manager Neville D’Souza and Finance Manager Raghuram G. W H Q