MANAMA: His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB), said that the ultimate goal of the EDB was to improve the quality of life for Bahraini citizens and that this was the best achieved through stable economic development.
HRH was speaking as he chaired at the Riffa Palace the EDB board meeting on Thursday.
The meeting’s focus was the operational plan for the EDB in 2014. In opening discussions, His Royal Highness welcomed the new Board Directors for the EDB and directed the Board to build on the EDB’s previous accomplishments, which resulted in positive economic growth in the Kingdom.
His Royal Highness added that improved collaboration and coordination between government entities and the private sector was a vital element in raising the Kingdom’s competitiveness and increasing efficiency of the public services. He directed the EDB to coordinate and follow up on the implementation of strategic projects and developments that will have a direct impact on medium-long term economic growth with all relevant ministries and public bodies. This work would include determining timelines and submitting periodic reports and follow-ups.
The Board then reviewed the successful cooperation to date with government entities, programs and initiatives that has enabled the Kingdom to achieve significant development across all economic, social and governmental levels.
The review was followed by a presentation from Minister of Transportation and Acting Chief Executive of the EDB Kamal bin Ahmed, during which he discussed the objectives for the current year.
These included the development of strategic priorities for the Kingdom’s economic development; working with government entities to create a competitive and efficient business environment; and attracting foreign investment that will support the national economy and subsequently create high quality job opportunities for Bahrainis.
Kamal bin Ahmed discussed the means to achieve these goals, including collaborating with the government to prepare a national growth strategy, which will determine priorities for government work. This will also include the implementation of a promotional programme that will raise the Kingdom’s profile as a business and investment incubator in the Gulf region, managing investor relations, and continuously commissioning quality economic studies.
His Excellency also briefed the Board on the strategic plan for 2014 that aims to focus on specific target sectors and take advantage of Bahrain’s competiveness. These sectors include financial and professional services, health care, value-added logistics, manufacturing, training and education, and communications, media and technology. The target markets include GCC countries, as well as some Asian, European and North American countries.
EDB Chief Economist, Dr Jarmo Kotilaine then gave a presentation discussing recommendations on current strategic projects with various organisations to increase economic growth and return it to previous levels.
Following the presentations, His Royal Highness requested that board directors provide their suggestions and views on the overall strategy of the EDB and the means to create an attractive investment environment in Bahrain, a move aims at enhancing coordination between the private and public sector.
The first pillar of the EDB’s strategy covers building firmer international relations specifically to benefit the Kingdom’s economy, establishing strong ties with the private sector and emphasising cooperation efforts to support foreign direct investment.
The second pillar supports economic development and the creation of new job opportunities for Bahrainis, as well as establishing new companies in Bahrain and reinforcing the Kingdom’s reputation as a favoured investment destination.
The third pillar of the EDB strategy work is focused on enhancing Bahrain’s performance in international rankings and ensuring the implementation of important economic projects based on specified goals and targets.