The Chairman of Bahrain Chamber of Commerce and Industry, Dr. Essam Abdullah Fakhro in speech at Invest in Bahrain 2011 Forum underlined the importance of the confidence as a key driver behind attracting direct foreign investments.
“The valuable patronage of HRH Prime Minister to this event reflects the continuous support of our esteemed government in the development of the investment environment and particularly in overcoming the obstacles facing investors in the Kingdom of Bahrain. The event is also significant, as it will highlight Bahraini-Gulf Cooperation, which we hope will be, God willing, the first real comprehensive economic integration among the Arab Gulf States. The recovery of the Kingdom from the unprecedented and unfortunate events that Bahrain witnessed during the past few months also add to the significance of the Forum. BCCI takes this opportunity to pay tribute to the solidarity of the GCC nations and their brotherly stand to the Kingdom of Bahrain during those days. We extend our gratitude to the esteemed leadership of the GCC Countries. We also appreciate the support of the nationals of the Arabian Gulf.
“Let me say candidly that the assessment of the investment climate in any country lies not only in the legislation, incentives and services, but also in the confidence of the people of country. This confidence encourages foreign investors and henceforth the development of investment in any country. On this note, I share with you the current figures relating to the size of investments in the Kingdom. According to the Ministry of Industry and Commerce, as announced on June 15, 2011, there has been a significant rise in investments in the Kingdom during the first quarter of this year by 25.6% compared to the same period last year (2010).
“The Kingdom of Bahrain has been classified as having one of the most advanced economic and political systems in the world under the wise leadership of our rulers. Since it gained independence in 1971, the government has committed to a policy of reducing its dependence on oil by diversifying the economy to attract foreign investments. As a result, a number of multinational companies set up base in the Kingdom of Bahrain as it recognized that this small island as a gateway for operations in the region,” he said.
“In the recent past, as we are aware, the Kingdom of Bahrain has witnessed a political crisis, which no doubt had its impact on the economy. However, under the vision and direction of our leadership and due to the resilience of the Bahraini economy, we were able to overcome the repercussions of the crisis on the economic front with the minimum losses,” he explained.
“Today, Bahrain is ranked tenth in the world according to the Index of Economic Freedom, released by The Heritage Foundation in collaboration with the Wall Street Journal. It is known to all that enhancing the capability of the private sector is a key to advancing economic development and growth in the country. Therefore Bahrain Chamber of Commerce and Industry has taken the responsibility of promoting investment and development in the country both locally and abroad. For this purpose, the Chamber has developed a programme of delegations and missions to several countries around the world. This will continue until next year for the purpose profiling and promoting the attractive economic opportunities offered by the Kingdom. At a more local level, we are in the process of preparing a number of service centers including an Export Development Center which is expected to be launched in the first quarter of 2012. This will serve the Bahraini exports and enhance competitiveness. A number of value-added industrial projects in the petrochemicals and paper industry, as well as sugar, agriculture, fisheries, manufacturing sectors are in the pipeline. The Ministry of Industry and Commerce has also offered investment opportunities in many other industrial fields; particularly in knowledge-based industries, aluminum, textiles, clothing and leather. In addition, the potential for investment in the logistics sectors, tourism, medical services, retail and other promising favorable investment opportunities in light of the facilities available,” Dr Fakhro added.
“The Chamber of Commerce will not hesitate to make every effort to support the private sector locally and also to attract foreign investments. We thank and appreciate all those who have supported the Chamber of Commerce in its mission in particular the Ministry of Industry and Commerce, the Economic Development Board, Labour Fund “Tamkeen”, and the Chambers Union of the Gulf Cooperation Council (GCC), the Islamic Development Bank and the Union of Arab Banks.”