Speaking as he opened at the Bahrain International Exhibition and Convention Centre (BIECC), the “Invest in Bahrain 2012” Forum, HRH Premier highlighted the growing importance of attracting foreign investments in the government’s agenda, which, he said, is reflected in its continuous efforts to create a distinguished business environment based on a comprehensive legislative and regulatory framework that can consolidate investors’ confidence.
“The government is particularly keen to encourage added-value investments that achieve sustainable economic growth for the national economy in the long run, especially in the qualitative industrial and technological sectors,” HRH Premier said.
HRH Prime Minister also affirmed that the Bahraini economy has proved outstanding solidity and flexibility in withstanding the security challenges and global economic changes, noting that the steady-growth of foreign investments to the Kingdom, as revealed by international economic indices, is a proof of that.
HRH Premier pledged that the government will carry on its efforts to encourage the private sector and empower it in order to play its role in stimulating the national economy through taking additional initiatives and implementing a more projects in various sectors, including the industrial, tourism and real estate ones, in order to be enable the kingdom to achieve its development goals and generate more job opportunities for the citizens.
Industry and Commerce Minister Dr. Hassan Abdulla Fakhro extended sincere thanks and gratitude to HRH Premier for patronising the forum, which, he said, reflects the government’s support and follow-up of efforts aiming to boost investment and development and develop the Kingdom’s business atmosphere.
Dr. Fakhro added that the government is trying to rehabilitate the existing industrial zones and expand them in order to establish a mega BD6 billion industrial and economic city that contributes to the GDP by 20% and create 240000 job opportunities.
He also highlighted the kingdom’s distinguished experience of balanced and sustainable development which sought to attract foreign investments through creating a positive and motivating investment atmosphere and providing facilities for investors in various economic sectors, especially the industrial, business, banking and tourism ones.
He also emphasised that the industrial sector is a strategic one, given its essential role in increasing economic growth rates and generating more job opportunities, noting that demand on industrial lands is ten times the existing supply, which testifies to its growing importance.
Concerning the new Exhibition City, which is likely to be constructed near the Bahrain International Circuit in Sakhir, Dr. Fakhro said that the Industry and Commerce Ministry is currently studying the project which is intended to host mega functions and encourage more specialised foreign participation and, therefore, promote the Kingdom’s position in this regard.
Governor of the Central Bank of Bahrain (CBB) Rashid Mohammed Al-Miraj praised HRH Premier’s pioneering and leading role in laying the solid foundation basis for the financial sector since the 1970’s and his continuous support for major economic sectors, affirming that the government has, since the 1970’s, encouraged investment, ownership and supported the private sector, which has helped diversify national economy.
He also asserted that the financial sector’s contributions to GDP have increased to 17% in 2011, adding that the number of registered companies has reached 410 with over 14000 workers of whom 66% are Bahrainis.
He also confirmed that Bahrain has become a regional centre for Islamic banks with 66 Islamic banks, seven Takaful companies, 100 Islamic investment funds and more than 2700 investment funds, with a total value $9 billion.
Chairman of the Bahrain Chamber of Commerce and Industry Dr. Issam bin Abdulla Fakhro expressed honour in HRH Premier’s patronage of the event, noting that the move testifies to the support of the Prime Minister and the government for all functions aiming to promote the kingdom’s business, work and investment atmospheres.
He also expressed optimism that the performance and positive growth rates of the Bahraini economy will continue improving so as to preserve its leading position as an investment-attracting environment, adding that estimates of the Unified Arab Economic Report and the International Monetary Fund for the next six years, 2012-2017, indicate that total investment value in Bahrain will reach $ 45 billion.
BCCI Chairman also underscored the economic indicators reflecting the safety of the kingdom’s investment atmosphere, stating that Bahrain is the ninth Arab and West Asian country regarding attracting foreign investments, the seventh freest economy country in the world as shown by Fraser report, the most reliable index in this respect, one of seven Arab countries that possessed 82% of the total Arab investments of the past 15 years the ninth Arab country to host imported investments during the past five years.
He also said that the business environment in Bahrain is still experiencing a robust activity, explaining that during the first three quarters of 2012, 1053 companies were registered at the Investors’ centre with invested capitals of about BD 80 million.
He also indicated that aggregate investments from 2007 to the end of 2011 amounted to about USD 4 billion, adding that Bahrain was the fourth Arab country to receive foreign indirect investment valued USD 11.4 billion till the end of 2010.
Regarding the hosting of pan-Arab investment for the period 1995-2011, he said that Bahrain was in the sixth place with about USD 13.5 billion; that is, 7.7% of the total value of that investment, adding that Bahrain was one of 10 Arab countries achieving a balance of trade surplus in 2011.
Then Secretary-General of the Gulf Organisation for Industrial Consulting (GOIC) Abdulaziz bin Hamad Al-Aqeel said that GOIC’s desire to invest in GCC countries out of its belief in the existence of ambitious investment opportunities through which GCC economy can be boosted.
He also hailed the kingdom’s positive investment atmosphere, the various facilities provided for investors and the open economy, which, he said, will pave the way for industrial and economic development in Bahrain and other GCC states.