Bahrain enjoys a diversified economy and pioneering investment attractions: EDB Chief Executive
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bahrain continues to raise the efficiency of the pillars of economic development in line with Bahrain Vision 2030.
This was emphasised by Economic Development Board (EDB) Chief Executive Khalid Ibrahim Humaidan who said the agency is implementing a number of strategic plans to achieve qualitative results in terms of promoting the business environment in the Kingdom and attracting direct investments.
Humaidan spoke about the role of direct investments in the economic development of the Kingdom during a remote government media briefing organised by the National Contact Center in cooperation with the EDB.
“We are optimistic about the steady steps that Bahrain is taking towards economic recovery within the joint work with the public and private sectors of the Bahrain team led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. It gives us a strong impetus in the council to continue to attract more investments,” said Humaidan.
“The importance of direct investment will increase during the next economic phase, which requires continuing to enhance the Kingdom’s competitiveness and economic openness.
It will encourage more investments that will contribute to strengthening the Kingdom’s economy and producing quality opportunities in Bahrain.”
EDB focuses its plans on eight vital economic sectors by promoting their opportunities and promising areas to gain the interest of qualitative investments, providing the best investment solutions in a way that achieves developmental sustainability. The characteristic of the Bahraini economy is that it is diversified and flexible, it added.
It has succeeded in building a vibrant economy. The contribution of oil and gas does not exceed 17.79% of the GDP in 2019 after it was about 42% in 2002.
With regard to the available investment opportunities, Economic Development Board (EDB) Chief Executive Khalid Ibrahim Humaidan said that a stable and secure environment provided by Bahrain for expansion and growth includes several areas and sectors including digital banking, financial technology, consumer goods, e-commerce, cloud computing, data centre, skills improvement institutes, centres of excellence, and waterfront development.
The stock of foreign investment in the Kingdom amounts to $31 billion, which is equivalent to about 80% of the volume of the country’s GDP, which is estimated at $38.5 billion, which is high by international standards, reaching nearly double the global average.
Humaidan stressed that Bahrain’s classification in The Ease of Doing Business 2020 report issued by the World Bank came among the top 10 global environments witnessing improvement.
It is a clear indication of the success of the Bahraini model in attracting investment projects, and its ability to adapt to circumstances and developments.
Regarding the advantages offered by Bahrain to attract investors and encourage them to establish and expand their business in the Kingdom, Humaidan noted that the profitability factor of companies is a major advantage. The tax rate for companies is 0%, with foreign ownership available at 100%, in addition to a decrease in operating cost by up to 43% compared to some countries in the region.
Humaidan added that Bahrain provides investment companies with a local workforce that is distinguished by efficiency and experience. He indicated that EDB provides the necessary support to investors who are interested in investing in the Kingdom, as well as information that contributes to the development of feasibility studies.
The investment promotion agency also coordinates with government agencies during the registration stage to guide and support investors in facilitating their entry into the Kingdom’s market.
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