Kingdom prioritises trainings for Bahrainis and job growth

TDT | Manama 

The Daily Tribune – www.newsofbahrain.com

The Ministry of Finance and National Economy has crafted an economic recovery plan featuring several significant achievements, developments, and performance indicators.

The plan aimed to create job opportunities, prioritising Bahraini citizens in the labour market.

It targeted the employment and training of 20,000 and 10,000 Bahrainis annually until 2024.

In 2022, 29,995 Bahrainis found employment and 10,344 received training.

In 2023, 29,533 Bahrainis were employed and 11,078 were trained.

Commercial procedures

The plan also streamlined commercial procedures to attract over $2.5 billion in investments by 2023. By the end of 2023, more than $2.8 billion in investments had been secured.

Over $30 billion worth of major development projects were launched, with 13 projects completed so far. This focus on emerging sectors aimed to boost non-oil GDP by 5% in 2022.

The non-oil GDP actually grew by 6.6% at constant prices in 2022, and the total budget deficit decreased by 83% compared to the estimated deficit. In terms of recent developments, 91% of the National Labour Market Plan (2021-2023) has been completed, and a new plan for 2023-2026 has been announced.

New programmes

The Labour Fund (Tamkeen) has also introduced new programmes to enhance the capabilities and competitiveness of Bahraini citizens.

To simplify commercial procedures, a new registration system and digital platforms for urban planning and government land investment have been launched.

Efforts are also underway to improve economic integration, including the launch of the Global Centre for Maritime and Air Cargo Services and the digital passport.

The tourism sector strategy set clear goals for inbound tourism spending, average tourist nights, the sector’s GDP contribution, visitor numbers, and average visitor spending per night. These objectives are being reviewed for further enhancement.

Logistics sector strategy

The logistics sector strategy aims to meet targets for air freight capacity, container freight capacity, the sector’s ranking among the top 20 countries, and its contribution to GDP by 2030.

Significant progress has been made towards these targets. The financial services sector strategy has achieved its goals for the sector’s GDP contribution, employee numbers, and small enterprise financing.

The National Energy Strategy has been launched, focusing on ensuring energy security, enhancing the value of natural resources, and diversifying future energy sources, with a goal to reduce emissions by 30% by 2035 and reach net-zero by 2060.

Tamkeen is also implementing its 2021-2025 strategy, with a new package of programmes launched in November 2023 targeting 50,000 Bahrainis, focusing on increasing economic participation, career development, and supporting private sector institutions.