‘Bahrain’s economy cannot be limited only to Bahrainis’

A senior state official yesterday affirmed the importance of free economy in attracting foreign investors. Industry, Commerce and Tourism Minister Zayed Al Zayani underlined the contribution of entrepreneurs from Asia, Arab and GCC states to the growth of the economy and commented that “Bahrain’s economy cannot be limited only to Bahrainis”.

The minister was speaking at a meeting hosted by the Bahrain Businesswomen’s Society. While responding to claims that Bahraini entrepreneurs are suffering from fierce competition from foreigners, who were recently allowed to fully own certain businesses in the Kingdom, Mr. Al Zayani said: “Bahrain has never rejected anyone living on its soil. Our focus today is to empower Bahrainis and make them better competitors in the market.”

The minister commented further: “Empowering Bahraini entrepreneurs should be carried out through a self-motivating act in which ambition, patience, and risk-taking are key elements. “Owning a Bahraini passport doesn’t necessarily indicate success. Our ancestors suffered and developed the economy from nothing. They didn’t have the facilities that are available today, yet they transformed Bahrain into a regional trade hub.”

“Bahrain’s generation today is spoilt and expect everything to be ready for them. All facilities including healthcare, education, and liberty are provided. We live an excellent life, but we shouldn’t expect everything to be up for grabs. It’s time we look within our society and improve it so we can compete with foreign investors and entrepreneurs. If a person is lazy, another person will surely take away the work from him,” Mr. Al Zayani said.

The minister insisted on the freedom of the Bahraini economy and said no restrictions should be imposed on it. He also pointed to an important matter, which is renting businesses to foreigners by Bahrainis saying: “Why would a Bahraini rent a business for BD200-BD300 to a foreigner who would benefit over BD1, 000 from it. This is the core of the issue. Such practices are more dangerous than the fair competition from the part of non-Bahraini entrepreneurs.”