Bahrain’s development strides and political achievements praised
Bahrain’s landmark development strides and political achievements were highlighted by a leading US magazine.
Newsweek hailed Bahrain as a modern and open state which succeeded in withstanding growing regional competition.
It outlined the kingdom’s strides in diversifying the economy, building industrial potential and coping with global shifts.
In a wide-ranging report, the magazine highlighted solid friendship and strong partnership between Bahrain and the US.
It quoted His Majesty King Hamad, who said during his meeting with US President Donald Trump, that bilateral relations are based on “solid understanding and joint strategy”.
It also cited His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, who stressed the importance of strengthening co-operation between the two allied countries.
Titled “Bahrain: The US’s partner in the GCC”, the report stressed the Premier’s keenness to maintain strong strategic alliance with the United States, for the sake of the whole region.
It highlighted Bahrain’s long-standing status as a major trade centre in the Middle East, becoming the first Gulf country to discover oil in 1932.
The report outlined Bahrain’s strategy to diversify sources of revenues and build a viable and competitive economy, which boosted development and spurred growth.
It highlighted Bahrain’s standing as a business hub and home to 325 banks, financial firms and insurance companies.
It described the kingdom as the fastest growing economy in the region, pushed by a 3.9 per cent GDP increase and a non-oil sector that soared by 5pc in 2017.
It highlighted the tangible growth of investment, which topped $10 billion – 95pc of which went to the financial sector.
The report said Bahrain was also the first country to sign a Free Trade Agreement with the US in 2006, which enabled America to become the second biggest trade partner for Manama.
Citing figures, it said the volume of trade exchanges topped $2bn annually, with 11pc of Bahrain’s exports going to the US, while imports stood at 9pc.
Bahrain’s investment in the US internal market through its sovereign fund has so far reached 8.3pc of its overall investment portfolio.
The magazine highlighted the massive discovery of hydrocarbon deposits in decades, estimated to be at least 80 billion barrels of tight oil and between 10 and 20 trillion cubic feet of deep natural gas.
Massive development projects are also under construction as part of a $32bn programme – including plans to build a second causeway and rail linking Bahrain and Saudi Arabia and expand Bahrain International Airport’s capacity to 14 million passengers per year.
The report, published recently, included statements by the Premier and meetings with a number of officials.
Tourism
The report also shed light on Bahrain’s efforts to boost tourism, noting that the sector’s contributions to the country’s GDP have doubled since 2016 to reach 7pc now, and that the number of tourists grew from 9.7 million in 2015 to 11.4m in 2017, a 17.5pc rise.
It said the country is currently building a new exhibition centre which, once operational in 2021, will be the largest in the Middle East, and will allow the kingdom to host more large-scale events.
The magazine also affirmed that Bahrain is expecting investments of around $4bn in electricity, water and renewable energy within the next five years to meet the 9pc annual increase in demand for energy, as well as to be a leader in green energy through use of solar and wind energy.
On human resources development, the report said the kingdom has “injected close to $3bn for the training of more than 125,000 individuals (38pc of Bahrainis in the private sector workforce), as well as over 45,000 businesses, representing 53pc of active businesses” through the Labour Fund (Tamkeen) established in 2006.
Source: http://www.gdnonline.com/Details/443633
