Bahrain's economic sectors are growing as efforts are underway to create an attractive investment environment, said Sustainable Development Minister and Economic Development Board (EDB) chief executive Noor Al Khulaif.
Speaking during the annual “Towards Inclusive and Sustainable Economic Development” forum yesterday, she stressed that Bahrain’s economy had quadrupled from $11 billion 20 years ago to $40bn.
The forum, organised by the Shura Council under the sponsorship of NBB and BBK, was held at the Four Seasons Hotel Bahrain Bay.
“Bahrain was one of the first countries to attract new financial practices, and we were able, through the Central Bank of Bahrain (CBB), which for years was always a pioneer in legislation, to maintain this position,” said Ms Al Khulaif.
“When we talk about foreign investment, I can confidently go and promote what the CBB is doing, and what will help us is that, for example, Crypto.com, a global company, decides to come and establish a centre in Bahrain.
“The same thing happens when I go to the industrial sector. For years, we used to say we have Bapco Energies and we have Alba, and we benefited from what was available and expanded to other industries.
“Team Bahrain was able to attract the first Indian company specialising in chips. This is our first investment and one of many investments. The same applies when we talk of transportation and logistics sector.”
In 2002, Ms Al Khulaif said, foreign investment in Bahrain was about $6bn. In 2015, it jumped to $26bn.
“Today, we’re talking about more than $43bn,” she said.
“The GDP in any other country in the world is approximately 50 per cent. In Bahrain, we have 97pc, almost 100pc.
“What is clear is that economic growth depends largely on the country being an attractive destination for investment.
“The investor needs infrastructure. He needs roads and electricity. These are all essential.”
Ms Al Khulaif said that work was ongoing to have infrastructure meet what companies currently require.
“Bahraini human capital can serve any of the existing sectors, especially the financial services sector, the industrial sector, and these days the technology sector, because we are seeing more development.
“We are working extensively with Tamkeen and the universities. Things are going well for us. We are producing graduates who can take up work. These are the job opportunities that are being created today.”
Bahrain Tourism and Exhibitions Authority chief executive Sara Buhiji said Bahrain was attracting huge global interest in what it had to offer.
“We need to elevate, progress and develop what is being offered to match or reach a bigger audience,” she added.
“There are plans and efforts underway to enable such move as we shift to attract more into our venues, culture, events and history.”
Parliament’s foreign affairs, defence and national security committee chairman Hassan Bukhammas said Bahrain was managing to attract business because it was safe and dependent on the national workforce.
“We need to build on this as we raise the bar for the government to match higher and bigger targets,” he said.
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