MANAMA – The initiatives taken by the Bahraini government in order to diversify the sources of income have contributed greatly in the growth of the kingdom's economy. They have made Bahrain an investment destination that enjoys competitive advantages and placed Bahrain at the forefront of the economies that are open both in the regional and international levels, said Bahraini Prime Minister Khalifa Bin Salman Al Khalifa. Inaugurating the “Invest in Bahrain 2012 Forum” Wednesday, with the participation of Gulf and Arab authorities and businessmen, Khalifa stressed the increasing importance of attracting foreign investments. He said this comes within the government's priorities. He added that this continuously drives the government to proceed with its efforts at creating a distinctive business environment that focuses on an integrated legislative and organizational system to boost the kingdom's business confidence.
Khalifa further said the government is keen to encourage added value investments that achieve sustainable growth for the national economy, especially in the industrial and innovative technology. Khalifa stressed that the Bahraini economy has proved to be solid and flexible in facing the security challenges and global economic changes. He lauded the flow of foreign investments to Bahrain and said this has been growing multifold during recent years, according to global economic indices. He also said the government is continuing its policy of encouraging the private sector to carry out its role in bolstering the national economy by taking more initiatives and carrying out more projects in industrial, tourism and real estate sectors, among others. Meanwhile, Dr. Hassan Abdullah Fakhro, Bahraini Minister of Industry and Commerce, said Bahrain has achieved sustainable development aimed at attracting foreign investments by providing an investment climate that provides facilities for investors in various economic sectors. He further said the government strives to rehabilitate the existing industrial estates and adopt modern ideas in tandem with increasing the land available for industrial expansion. The aim is to establish a huge industrial economic city at a cost of around BD six billion. The move will contribute 20 percent to the gross domestic product after completion of all the stages by 2020. It will create 240,000 jobs, he said. At the same time the Ministry of Industry and Commerce is focusing on studying the establishment of the new exhibitions city near the International Bahrain racecourse in Al-Sukhair, he added. These are aimed to attract big events and encourage more international specialized participations to boost Bahrain's status as an attractive environment. Fakhro expressed optimism about the Bahraini economy's capability to continue its growth, improve performance and become an attractive environment for investors.
