Manama: The Kingdom of Bahrain is among the world’s top 20 countries to invest in the Arab region for the period between 2001 and 2012, according to BCCI Chief.
The Chairman of the Bahrain Chamber of Commerce and Industry Khalid al Moayyed on Wednesday urged the private sector to identify and seize the existing investment and business opportunities across the GCC.
“This is an invaluable opportunity for them to identify and utilize the abundance of facilities offered for foreign investors and make use of the robust investment environment of Bahrain,” the BCCI during his speech at Invest in Bahrain 2014 Forum said which was held at the BIEC on Wednesday.
The Forum reflects His Highness Prime Minister’s supportive stance of all events that contribute to the dispersion of valuable information, and hence advancing and reviving the investment and production environment of Kingdom of Bahrain.
“Hosting such prominent annul forum in Bahrain proves the stability and well-being of the economy of Bahrain; which is a reassurance to prospective investors and a motive for them to chose Bahrain as their investment destination. In fact, many researches confirmed the prospect of investing in Bahrain. For instance, in a recent report by the United Nations Conference on Trade and Development, (UNCTAD) reported a rise of 11% in Foreign Direct Investments (FDI) to Bahrain in 2013 compared to its level in 2012. According to the report, this rise exceeds the average growth rate of FDI around the world, which amounted to 9%, and also exceeds the growth rate of FDI in West Asian Countries, which amounted to 8.6% during the same period.
“Additionally, the period that UNCTAD covered in its report was 2010-2013, which is known as a period of political instability in the region. However, the report proved a constant rise in FDI in Bahrain; where it amounted to $156 million in 2010 it reached $781 million in 2011, and then $891 million and a billion in 2012 and 2013 respectively. This acceleration of FDI is attributed to Bahrain government’s wise handling of the situation, and its success in maintaining the attractiveness of its investment environment.
“Attractiveness of Arab Countries’ Business and Investment Environment report is a report known to classify countries in three categories. Wherein category 1 comprises of countries whose economic growth relies on its natural resources, category 2 includes countries whose economic growth relies on competence and effectiveness, and category three includes countries whose economic growth relies on innovation and development. According to the report, three Arab countries fell in category 1, 11 countries fell in category 2, and 3 countries fell in category 3 alongside Bahrain.
“The economic advancement and the vibrant investment environment that Bahrain has accomplished is a result of the collective collaboration among various public authorities and private bodies both the public and private sectors have demonstrated eagerness to bolstering Bahrain’s economy, which stems from their loyalty and devotion to this beautiful country, and proves their compliance to best practices.”
“Yet, their responsibilities do not end here, as they must sustain and build on the achievements attained. This can be done by promoting domestic and foreign investments, as well as mulling ways of strengthening and diversifying the pillars of the economy.
“In fact, the private sector, with all its potentials, should pursue a strategy that centers on strengthening its collaboration with the public sector, and hence enhancing its contribution to the country’s GDP. It is worth mentioning that according to Bahrain’s CIO reports, the private sector’s participation in non- for–profit projects initiated by the public sector amounted to 73%, these projects served the Health and Education domain. Further, 45% of Bahrain’s GDP is attributed to sectors exclusively administered by the private sector, such as the Manufacturing, Transport, Trade, Real-Estate, Services, and Finance.
“We all admit that leadership’s effort has not been in vain, as we witness the fruits of your wise leadership manifested in the flourished business and investment environment in Bahrain. We are all aware, that becoming a prominent financial hub in the world cannot be attributed to coincidence or luck, arterialized as a result of your highness prominent insight, proper implementation, and years of hard work and dedication.”