Path to progress

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, yesterday gave a wide-ranging presentation on Bahrain’s progress and plans for the future at the Bahrain Government Forum 2018.

Speaking at the event, the Crown Prince began by noting that Bahrain’s Economic Vision 2030, launched in 2008, has been pursued in line with its three founding principles: sustainability, competitiveness, and fairness. Despite challenges faced over the past decade, the Vision has helped to ensure Bahrain’s development is based on strong economic fundamentals, with non-oil sector growth standing at 5 percent in 2017, and FDI forecast to be $650 million in 2018, up from $65 million in 2008.

Over the last 12 months, the government has made significant progress in delivering the Vision’s core priorities by supporting private sector growth as the main engine of economic development, encouraging greater innovation, and enhancing citizens’ living standards.

As part of the Government Action Plan (2015-2018), a range of new laws have been passed in collaboration with Parliament in the last year, including measures regulating bankruptcy and real estate development. The Crown Prince also detailed the government’s recently announced Fiscal Balance Programme, which aims to align government revenues with economic growth and eliminate Bahrain’s budget deficit by 2022.