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DETAILS of Bahrain’s ambitious five-pillar plan to boost the economy and jobs, in a bid to secure fiscal stability, were outlined yesterday at a top-level Press conference held at Gudaibiya Palace.
The key targets of the plan include more than $30 billion of investments in strategic projects, 20,000 new jobs for Bahrainis annually until 2024, an annual programme to train 10,000 Bahrainis per year and a bid to attract $2.5bn of foreign direct investment (FDI) by 2023.
The proposal aims to ‘turbocharge the economic recovery’, said Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa.
He added that the plan represented one of Bahrain’s ‘largest economic reform programmes’, aiming to enhance the economy’s ‘long-term competitiveness and supporting the post-Covid-19 recovery’.
The five pillars feature a new labour market reform plan, a regulatory reform package aiming to support foreign investments, a strategic projects plan and creating new industrial investment areas across Bahrain, a priority sectors plan with strategies for oil and gas, tourism and logistics, financial services, telecommunications, IT and digital economy and manufacturing, alongside a fiscal balance programme update with eight new work-streams seeking to balance Bahrain’s budget by 2024, compared to the pre-pandemic target of 2022.
“This comprehensive economic and fiscal plan is an investment in our nation’s people, our businesses and the future of Bahrain,” said Shaikh Salman.
“The swift healthcare and economic action taken by the government throughout Covid-19 secured the foundations of recovery, as evidenced by the real year-over-year growth of 5.7 per cent in the second quarter of this year.
“Bahrain is emerging from the pandemic with reasons to be highly optimistic and this plan aims to turbocharge the recovery.
“The plan is also a concrete statement of our intent to secure a balanced budget by 2024 and provide long-term fiscal sustainability, with eight new spending and revenue initiatives complementing our broader economic competitiveness enhancements.”
The plan is also in line with Bahrain’s Economic Vision 2030 and the kingdom’s intention to achieve net zero (a balance between the carbon emitted into and removed from the atmosphere) by 2060.
Shaikh Salman was speaking alongside Labour and Social Development Minister Jameel Humaidan, Industry, Commerce and Tourism Minister Zayed Alzayani, Economic Development Board chief executive Khalid Humaidan and Youth and Sports Affairs Minister Aymen Almoayed.
Mr Jameel Humaidan explained the new labour market reform plan including a long-term national strategy, while Mr Alzayani elaborated on a regulatory reform package aiming to support $2.5bn of FDI by 2023 and the launch of a new Government Land Bank.
Mr Khalid Humaidan presented the strategic projects plan which aims to catalyse over $30bn worth of investments and create new industrial investment areas across Bahrain.
Mr Almoayed elaborated on the Hope Fund, set up by His Majesty to support young Bahrainis who are aspiring to set up their own businesses.
In conclusion, Shaikh Salman affirmed that the plan was ‘proactive, robust’ and able to handle the consequences of the pandemic.
“Bahrain has achieved many successes and faced many challenges with a team spirit,” he said, reminding that it was important to continue with ‘determination’ towards more successes for the benefit of the country and its citizens.
raji@gdn.com.bh
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