Create more jobs, says Crown Prince

Manama : The Kingdom needs to strengthen its economic competitiveness regionally and globally through initiatives designed to improve business environment to create more jobs, said His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, yesterday.

Chairing the Economic Development Board’s (EDB) meeting at its Bahrain Bay office, HRH Crown Prince sought to attract foreign direct investment and create high quality job opportunities for Bahrainis to further strengthen the national economy.  

HRH Crown Prince, who is also the chairman of EDB, highlighted the contribution of the Kingdom’s modern regulative and legislative structure which helped boost the Kingdom’s reputation as an investment destination. 

HRH Crown Prince noted Bahrain’s success in supporting key economic sectors and maintaining competitiveness. 

In this regard, HRH Crown Prince noted the development of the Kingdom’s financial sector and the innovative and competitive services it provides which are in line with global economic trends.

Noting the Kingdom’s numerous achievements, HRH Crown Prince highlighted the importance of continuing to strengthen the economic sector, improve its performance, and further strengthen its role in the next phase of development.

In this Regard, HRH Crown Prince noted the EDB’s strategic role in attracting FDI and promoting the Kingdom of Bahrain globally. 

Progress report

EDB Chief Executive Khalid Al Rumaihi presented Bahrain’s latest key economic developments, as well as progress reports on EDB initiatives undertaken in collaboration with other ministries and authorities.  

Topics discussed included the enactment of new laws, improvements in the commercial dispute resolution process, and initiatives facilitating commercial registration. Each initiative is designed to streamline business entry into Bahrain, improve the commercial judicial system, and support the SME sector.

EDB keen onboosting business

Al Rumaihi also touched up on the EDB’s strategy for securing investment into target sectors by briefing prospective investors on opportunities in the Kingdom at major international events. Additionally, the expansion of the EDB’s international presence was discussed. The EDB has recently launched new operating offices in the Turkey, the USA, Malaysia, Singapore, Sweden, Norway, Finland, Holland and Denmark, in addition to existing offices in Japan, India, China, and the UK, among others.Al Rumaihi added that the EDB, during the first quarter of this year, has successfully attracted a number of companies to establish operations in the Kingdom, creating jobs in the sectors of logistics, ICT and social services.

Focus on FinTech

Al Rumaihi highlighted the growing importance of the FinTech (Financial Technology) sector, and its vast contribution to further improving of the Kingdom’s finance sector as a whole. He highlighted that the EDB continues to communicate with global and local financial institutions, with the goal of encouraging them to adopt projects and initiatives related to FinTech and to contribute to the development of the sector in Bahrain.