Push To Establish An Industrial Development Fund

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

A group of MPs has put forward a proposal for an Industrial Development Fund aimed at stimulating Bahrain's economic growth. This 20-article legislation intends to create an independent "Industrial Development Fund" with legal and financial autonomy, overseen by a designated government minister.

The proposal, submitted by Ahmed Al-Salloom, Khaled Buanak, Zainab Abdul Amir, Eman Showaiter, and Maryam Al-Dhain, seeks to enhance economic progress and ensure prosperity for Bahraini citizens. They cite Article 10 of the Bahraini Constitution, which advocates for a national economy grounded in social justice and equitable cooperation between public and private sectors, aiming for economic development through a planned approach. Additionally, the MPs reference Article 92, which allows them to submit legislative proposals.

The proposed law sets out several key objectives in Article 3. Primarily, it aims to support the transformation of Bahrain's industrial sector by embracing the Fourth Industrial Revolution and future industries such as renewable energy, petrochemicals, green/blue hydrogen, manufacturing, food/pharmaceuticals, and microelectronics. Another goal is to increase the industrial sector's contribution to the national GDP. It also seeks to boost exports of domestically produced industrial goods and enhance their competitiveness in global markets. Furthermore, the proposal aims to develop the private sector to drive economic growth across non-oil industries.

In essence, the proposed Industrial Development Fund aspires to accelerate industrial development, create employment opportunities, and strengthen Bahrain's economy in line with the nation's economic diversification goals.