‘Foreign direct investment crucial for economic growth’

Manama : Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa said that “attracting foreign direct investment will be crucial for stabilising economic growth.” 

Shaikh Ahmed made the statements at the 93rd Meeting of the Development Committee held in Washington DC, on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) Spring Meetings. 

He urged the WBG and its global financing agencies to continue their work on improving the investment climate in the region, while encouraging economic activities and maintaining financial stability.

The Minister called for an integrated approach and synchronised efforts to foster inclusive economic growth, while incorporating environmental sustainability. 

He said that the region had the potential for progress, and identified some persisting priorities in this regard, such as more diversified economies, employment, enhancing the role of youth and women, and ensuring gender equality. 

The Minister stressed the need to develop a vibrant and dynamic private sector, and reach optimal productivity. Crucial elements here are addressing infrastructure gaps, increasing access to finance and improving the business environment. 

The statement was delivered on behalf of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, the United Arab Emirates and Yemen.  Going forward, the World Bank needs to develop a comprehensive crisis response strategy and mechanism, preparedness and mitigation, said the minister, adding that development and humanitarian aspects of the crisis are closely correlated.

He concluded his statement by saying that collaboration, solidarity and shared accountability must reinforce and frame the mitigation of this escalating crisis.