Bahraini firms urged to focus more on innovation, creativity

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, yesterday asked Bahraini firms to focus more on innovation and creativity. This came as HRH the Crown Prince inaugurated the 18th Arab Businessmen and Investors Conference (ABIC).

Held under the patronage of HM the King, ABIC brings together decision-makers to accelerate investment in entrepreneurship and innovation, fast-tracking digital transformation. Upon arrival HRH the Crown Prince was welcomed by the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), Sameer Abdulla Nass, and a number of BCCI board members. HRH the Crown Prince reaffirmed that high levels of innovation have led to increased opportunities for citizens and greater economic diversification, in line with the vision of HM the King.

HRH the Crown Prince reiterated that Bahrain’s Economic Vision 2030 has enabled the Kingdom to build on its strengths, increasing investment flows and driving sustainable economic growth. HRH the Crown Prince stressed that Bahrain will continue to implement initiatives and reforms that strengthen the business environment, enhance the Kingdom’s global competitiveness, and support the development of innovative business models.

The Crown Prince went on to note that innovation and creativity safeguard the resilience of the national economy while supporting sustainable economic development. In this regard, HRH the Crown Prince noted that the Kingdom had recently introduced legislation to keep abreast of global trends in IT infrastructure, creating promising new opportunities for citizens. Later, HRH the Crown Prince highlighted Bahrain’s ongoing success as a host for international events, particularly those related to innovation, adding that events like ABIC enable national enterprises to compete on a global level.

HRH the Crown Prince concluded by expressing his appreciation to the BCCI for their efforts in organising ABIC, wishing all participants success. For his part, the Chairman of BCCI delivered a speech in which he recognised legislation, education, and IT infrastructure as essential pillars of the digital economy, and noted the importance of establishing research centres to accelerate the region’s transformation from a consumer to a competitive developer.

Mohamed Abduljabbar Mahmood Alkooheji, second vice-chairman of BCCI, had earlier said: “Bahrain is a leading example of a business-friendly nation with no free zone restrictions, 100 per cent foreign ownership for a majority of activities and low operating costs. As the first GCC nation to move away from its dependence on oil, Bahrain is today the region’s most diversified and sustainable economy and leading financial hub.”

He added: “The focus of the 18th Arab Businessmen and Investors Conference is on the impact of the Fourth Industrial Revolution on the Arab world and the BCCI is delighted to invite representatives from all over the region and the world to explore the possibilities, challenges and most efficient ways of adapting this revolution to obtain a dramatically improved future.”