A proposal to review and enhance regulations to boost regional investments in Bahrain was approved unanimously by MPs yesterday.
Five legislators, led by foreign affairs, defence and national security committee vice-chairman Hassan Ibrahim, outlined strategic measures to strengthen Bahrain’s investment climate.
These include:
* Simplifying procedures and reducing bureaucratic hurdles for business establishments.
* Ensuring that Bahrain has the necessary infrastructure to attract regional investments.
* Providing incentives and offering training and economic insights to potential investors, along with data on the country’s economic landscape.
* Activating economic attachés in embassies to market Bahrain’s investment opportunities.
* Establishing collaborative programmes between government and private entities to foster joint projects.
Meanwhile, debate on a new law to compel Bahrain’s sovereign wealth fund, Mumtalakat Holding Company, and Bapco Energies to contribute 50 per cent of their net profits to the national budget has been postponed for two weeks.
The request was made by Parliament’s financial and economic affairs committee chairman Ahmed Al Salloom to allow further negotiations with the government.
The four-article legislation aims to enhance financial transparency and strengthen parliamentary oversight.
Article One mandates that at least 50pc of the net profits generated by the two entities, after setting aside the legal reserves, be included in the state budget.
Article Two requires the government to submit the audited financial statements of both companies verified by the National Audit Office to Parliament within five months of the end of the fiscal year. The reports would then be formally approved by both Parliament and the Shura Council before being published in the Official Gazette.
Article Three assigns the Finance and National Economy Minister the responsibility of issuing regulations to implement the law within six months of its ratification.
Article Four states that the law would come into effect at the beginning of the next fiscal year.
MPs were also set to debate another government-drafted legislation, based on a parliamentary proposal, to amend the 2002 Budget Law to have all surplus from independent government agencies and authorities referred to state coffers.
However, the discussion has also been postponed following a request by Mr Salloom.
The Cabinet and the Legislation and Legal Opinion Commission have opposed the move, saying such bodies were made independent for a reason.
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