India-Based Semiconductor-Chip-Manufacturer Polymatech Announces Initial USD 16.2 Million Investment in Bahrain
16.09.2024 - 08:56:27
Business Wire India
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| L to R: Eswara Rao Nandam, Polymatech CEO & Founder, Noor bint Ali Alkhulaif, Bahrain Minister of Sustainable Development & CEO of Bahrain EDB, Ali Al Mudaifa, Chief of Business Development, Bahrain EDB. |
Bahrain Economic Development Board (Bahrain EDB) has secured initial investment commitments valued at over USD 16 million from Polymatech to establish a semiconductor manufacturing facility in Bahrain’s Industrial Area of Hidd.
This announcement was made during the island nation investment promotion agency’s visit to India, which is covering key cities including Mumbai, Bengaluru, and Chennai, aimed at showcasing Bahrain’s dynamic business landscape and its growing appeal as a regional hub for technology and manufacturing.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, stated, "We at Bahrain EDB are pleased to welcome Polymatech alongside several leading multi-sector companies to business-friendly Bahrain. Bahrain continues to maintain momentum in delivering on its vision of developing a digital-first, intelligent economy, fostering a future-ready ecosystem that prioritizes the development of next-generation technologies, advanced manufacturing, and a highly skilled workforce. Polymatech establishing a semiconductor facility in Bahrain is a pivotal milestone on this journey of digital transformation and is set to usher in a new era of innovation and technological advancement across sectors, contributing significantly to the national economy."
Polymatech’s Bahrain facility, which is set to be established under the brand name Atri, will play a critical role in producing essential 5G and 6G components, positioning the island nation as a key player in the global semiconductor value chain, a sector that is becoming indispensable in today’s digital world. Semiconductors are fundamental to modern appliances and industries at large, powering everything from smartphones to electric vehicles. This marks Polymatech’s first step in expanding its global footprint, driven by a commitment to sustainable and research-led development.
Eswara Rao Nandam, Managing Director and Chief Executive Officer of Polymatech Electronics, commented, “We are excited to bring our expertise in semiconductor manufacturing to Bahrain, which offers a strategic location and facilitated access to the region. Establishing our semiconductor manufacturing facility here aligns perfectly with our expansion goals, allowing us to tap into the growing demand internationally and contribute to the local and regional innovation landscape.”
In addition to announcing Polymatech’s investment, the visit to India also saw the announcement of investments from three other India-based companies—Chemco Plastics, Bhageria Industries, and an ICT firm, which are expected to further enhance Bahrain’s growing manufacturing and ICT sectors.
Ali AlMudaifa, Chief of Business Development at Bahrain Economic Development Board, said, "Our success in attracting this robust portfolio of investments is underpinned by the collective efforts of Team Bahrain, a curated approach that champions the private and public sectors working closely together to maintain an attractive investment environment known for its ease of doing business to foster success stories with local roots and global impact. Coupled with a strategic location, progressive regulatory frameworks, the agility of Team Bahrain remains a cornerstone of our island nation’s value proposition and competitiveness within an increasingly competitive global playing field."
Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.
This announcement was made during the island nation investment promotion agency’s visit to India, which is covering key cities including Mumbai, Bengaluru, and Chennai, aimed at showcasing Bahrain’s dynamic business landscape and its growing appeal as a regional hub for technology and manufacturing.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, stated, "We at Bahrain EDB are pleased to welcome Polymatech alongside several leading multi-sector companies to business-friendly Bahrain. Bahrain continues to maintain momentum in delivering on its vision of developing a digital-first, intelligent economy, fostering a future-ready ecosystem that prioritizes the development of next-generation technologies, advanced manufacturing, and a highly skilled workforce. Polymatech establishing a semiconductor facility in Bahrain is a pivotal milestone on this journey of digital transformation and is set to usher in a new era of innovation and technological advancement across sectors, contributing significantly to the national economy."
Polymatech’s Bahrain facility, which is set to be established under the brand name Atri, will play a critical role in producing essential 5G and 6G components, positioning the island nation as a key player in the global semiconductor value chain, a sector that is becoming indispensable in today’s digital world. Semiconductors are fundamental to modern appliances and industries at large, powering everything from smartphones to electric vehicles. This marks Polymatech’s first step in expanding its global footprint, driven by a commitment to sustainable and research-led development.
Eswara Rao Nandam, Managing Director and Chief Executive Officer of Polymatech Electronics, commented, “We are excited to bring our expertise in semiconductor manufacturing to Bahrain, which offers a strategic location and facilitated access to the region. Establishing our semiconductor manufacturing facility here aligns perfectly with our expansion goals, allowing us to tap into the growing demand internationally and contribute to the local and regional innovation landscape.”
In addition to announcing Polymatech’s investment, the visit to India also saw the announcement of investments from three other India-based companies—Chemco Plastics, Bhageria Industries, and an ICT firm, which are expected to further enhance Bahrain’s growing manufacturing and ICT sectors.
Ali AlMudaifa, Chief of Business Development at Bahrain Economic Development Board, said, "Our success in attracting this robust portfolio of investments is underpinned by the collective efforts of Team Bahrain, a curated approach that champions the private and public sectors working closely together to maintain an attractive investment environment known for its ease of doing business to foster success stories with local roots and global impact. Coupled with a strategic location, progressive regulatory frameworks, the agility of Team Bahrain remains a cornerstone of our island nation’s value proposition and competitiveness within an increasingly competitive global playing field."
Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.
About Bahrain Economic Development Board (Bahrain EDB)
Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
Bahrain EDB works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
Bahrain EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT and tourism. For more information on the Bahrain EDB, visit www.bahrainedb.com.
Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
Bahrain EDB works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
Bahrain EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT and tourism. For more information on the Bahrain EDB, visit www.bahrainedb.com.
