Polymatech Electronics, an opto-semiconductor chip manufacturer headquartered in Chennai, is committed to investing $16.2 million (approximately Rs 136 crore) in Bahrain as part of its strategy to invest over $100 million in the Gulf nation by 2027, according to senior company officials.
This investment signifies the initial phase of Polymatech’s entry into the Middle East and North Africa (MENA) market.
Polymatech is a company that specializes in the design, manufacture, packaging, and assembly of opto-semiconductor circuits and modules. Opto-semiconductors are electronic devices that are employed in a variety of applications, such as medical illumination, large-area lighting, cell phone backlights, agriculture, PCs, and laptops. They can either emit or detect light.
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Polymatech has leased approximately 25,000 square feet of space, which will initially function as an assembly unit. Nevertheless, the organization has acquired land in the Industrial Area of Hidd in Bahrain to construct a 100,000-square-foot production facility. The facility will be branded as Atri.
This announcement was made during the visit of Bahrain’s investment promotion agency to India, which encompasses cities such as Bengaluru, Chennai, and Mumbai. H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, stated that India has been a strategic region for the country due to the development that India and the Gulf Cooperation Council (GCC) are experiencing.
Ali AlMudaifa, chief of business development at Bahrain Economic Development Board (EDB), said: “A project as strategic and as impactful as this also stands to benefit a lot from our labor fund in Bahrain, which is aimed towards the human capital development and upskilling of Bahraini talent in this field.”
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