Oil & Gas down from 40% to 17% of GDP: Minister
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Report by Ashen Tharaka
Bahrain is actively diversifying its economy, according to Abdullah bin Adel Fakhro, Minister of Industry and Commerce. He made the remarks at the St. Petersburg International Economic Forum (SPIEF).”
The oil and gas sector’s contribution to our GDP has fallen from 40% to 17% in the past two decades,” said Fakhro, highlighting the success of diversification efforts. This shift prioritises technology, tourism, industry development, and logistics as the cornerstones of Bahrain’s economic strategy.
The country boasts one of the region’s most established and sustainable financial sectors, and with a strong commitment to innovation, it aspires to become a regional FinTech hub. “The government has heavily invested in high-speed internet connectivity and fostered an environment that attracts tech businesses,” said the Minister, underlining Bahrain’s focus on digital infrastructure.
The government’s vision positions Bahrain as a leader in the fourth industrial revolution, while adhering to the principles of sustainability as outlined by the UN Sustainable Development Goals (UNSDGs). Bahrain seeks to strengthen its relationship with the Russian Federation through increased cooperation in economic, cultural, and scientific exchanges.
Minister Fakhro pointed to His Majesty King Hamad bin Isa Al Khalifa’s recent state visit to Russia as a sign of deepening ties. The St. Petersburg International Economic Forum is a premier global platform that brings together business leaders and experts.
This annual event focuses on critical economic challenges faced by emerging markets worldwide. With over 17,000 participants from 130 countries, SPIEF fosters dialogue and collaboration to address key economic and political objectives of both Russia and the global market.
The forum also explores crucial issues in socio-economic development and features a wide range of events, festivals, and exhibitions.
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