The Kingdom of Bahrain on Wednesday called upon the Arab investors and businesses to take the full advantage of the enormous opportunities of investments exist in the country.
In his opening remarks the Minister of Industry and Commerce Dr Hassan Abdulla Fakhro at Invest in Bahrain Forum 2011 said that Bahrain would continue to enjoy the status of being the most liberal economy in this part of the world.
Dr Fakhro’s remarks were commended by Adnan Kassar, President of the General Union of Arab Chambers, who told the audience that Bahrain’s open arms policy to its Arab brothers and friends from regional and global markets would remain a distinctive feature of this country.
“No wonder that Bahrain and its dear people have always embraced Arab issues. I personally and on behalf of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, would like to extent best wishes to His Majesty King Hamad Bin Isa Al Khalifa. I also convey the greetings of Lebanon and its people who maintain all affection and loyalty to the Kingdom and its people,” he said.
“The “Invest in Bahrain” Forum which is organized in its sixth chapter to promote investment opportunities in this country, reflects the growing interests on the part of investors in domestic investing. The Kingdom was one of the leading countries in the region in economic openness and freedom. This is true in financial and banking services, or at the level of investment incentives. According to the United Nations reports, Bahrain has been the first in the region in terms of economic freedom.
“There is no doubt that this Forum will open new horizons for investors in Bahrain, who will be acquainted with the government’s new investment policies, plans, incentives and projects. It will also constitute an opportunity to interact with the private sector in Bahrain, and explore partnership avenues with the public sector.
“As the President of the Union of Arab Chambers that a represents the Arab private sector in the Arab countries, I would like to seize this opportunity to raise some key issues that are considered a priority in present scenario. Firstly, the importance of focusing on the investment projects in the real sector to promote economic growth, and long-term economic and social development. This is required from the public and private sectors, and needs more coordination and cooperation between both parties. This is really crucial and needs to be accelerated, as it is becoming today a major need for our societies and new generations and the stability of our countries. Secondly, paying exceptional attention to our human resources and young generations in the Arab world will give us an added benefit. This will be basically achieved by reforming and developing our educational and professional training programs in accordance with the needs of Arab economies and labor markets. Thirdly, drawing lessons from the global financial and economic crisis, which is now threatening the global economy, will help in endeavours leading towards sustainable future. This requires the creation of an Arab financial market and mobilization of national resources and savings towards domestic economies and investment projects. Keeping in mind the importance of avoiding risky financial derivatives and other related instruments will also serve as a key. Four, removing all barriers to joint Arab economic cooperation and integration, will help to bolster the trade and investment across the region. Such barriers still exist in the trade, investment, tax and customs systems, besides the existing barriers to the movement of businessmen between Arab countries. This is crucial to facilitate the implementation decisions of the Kuwait and Sharm Al-Sheikh Economic Summits, regarding the establishment of the Arab Customs Union in 2015, and the Arab Common Market in 2020.
Fifth, focusing on the diversification of the production base in the Arab countries, and striving to shrink the commodity and consumption gaps, which vary from one country to another. This is needed in order for the productive enterprises to benefit from the economic integration measures and the available facilities. Also to equip the Arab products with competitive strength in local and international markets in terms of quality and technology standards. In this area, I would like to stress the importance of investing in the Arab agricultural sector, where we have substantial untapped potentials, at a time where the Arab food gap has been greatly growing. This type of investment will develop rural regions and its social groups, and support the socio-economic development in our region.”
“The Kingdom of Bahrain has distinguished economic potentials which encourage investors to pursue and achieve investment opportunities in various economic sectors and new projects. The Government of His Majesty King Hamad bin Isa Al Khalifa has been keen in implementing economic openness policies and strategies besides supporting initiatives for economic cooperation and integration among Arab countries,” he added.