‘Allow only environment-friendly industries’
A MUNICIPAL council leader is proposing that the kingdom only allow environmentally-friendly industries to set up base here, banning any that don’t offer green investment credentials.
Southern Municipal Council chairman Bader Al Tamimi believes that Bahrain could become a destination of choice for innovative businesses thanks to the vast number of government plots available.
He believes that Bahrain is already ‘saturated’ with oil, gas, aluminium and chemical industries and new green investments would be a welcome sight in the future.
“The world is changing and protecting the environment has to come from a better approach to industry,” he said.
“There is strong potential and, moving forward, this could make us not only a leader in the region, but a world pioneer.
“There are vast government, industrial, municipal and endowment plots that could be used for such a push and my proposal opens the door to these new industries to look towards Bahrain.”
Under the proposal, Mr Al Tamimi sees the new investments embedded amongst dense industrial areas or the possibility of setting up ‘green zones’ specifically for this sector.
On his green radar are ‘upcycling’ furniture-makers, organic cosmetics companies, health and hygiene product developers and bicycle manufacturers.
He added that Bahrain continues to be attractive – with easy set-up procedures and lucrative deals available – but even more incentives should be put on the table.
“I may be limited in ideas or examples but we have the necessary platform for innovation and at the same time can protect the environment,” said Mr Al Tamimi.
The proposal has been referred to the relevant council committee for review and will be up for debate at an upcoming council meeting.
The GDN reported last month that Bahrain’s main investment promotion agency exceeded targets by bringing in nearly $1 billion in foreign direct investment last year, despite the impact of the pandemic.
This was announced after a board meeting of the Economic Development Board (EDB) chaired remotely by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince Prime Minister and EDB chairman.
The EDB attracted BD333 million ($885m) as foreign investment last year, which is expected to create more than 4,300 jobs over the next three years, the board heard.
Accumulated investments in the kingdom over the past 10 years continued to grow, with their stock rising by around $1bn annually.
