Organisers of an industry event, Arabplast 2013, said that a large number of Bahraini investors, including banks, manufacturers and funding companies, are investing into the rapidly growing GCC polymers industry.
Bahrain's petrochemical industry channels its output to more than 150 countries worldwide.
According to Satish Khanna, General Manager, Al Fajer Information and Services, Bahrain is increasing its share of production of petrochemicals which is becoming a key driver of the Kingdom's economy and which enhances its economy diversification drive.
"Even though just 20 per cent of the GCC petrochemical products are plastics, they account for 70 per cent in terms of value. It had become a well known fact that the region will emerge as the second highest per-capita consumer of plastics in the world by 2020," Khanna said.
The petrochemical industry is the backbone of industrial development in Bahrain and plays pivotal role in the country's economy.
Gulf Petrochemicals and Chemicals Association said in a report earlier that annual plastics consumption in the Gulf Cooperation Council (GCC) countries would grow 22 per cent from 3.3 million mt in 2011 to 5.5 million mt in 2015.