Going for growth

Team Bahrain’s achievements in furthering economic growth and attracting investments have been highlighted.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Bahrain Economic Development Board (EDB) chairman, yesterday also noted the role of Bahraini citizens in supporting the kingdom’s wide-ranging development and in building a prosperous present and brighter future for all as he chaired a meeting of the EDB’s board of directors at its headquarters in Bahrain Bay.

Bahrain’s economic indicators, the EDB’s milestones in the first six months of 2023 and the SME Development Board Key Performance Indicators were reviewed.

HRH Prince Salman highlighted Team Bahrain’s achievements in support of the Economic Recovery Plan and the Economic Vision 2030, led by His Majesty King Hamad.

He emphasised the EDB’s role in attracting direct investments across vital priority sectors and creating quality opportunities for Bahraini citizens. This has helped to position Bahrain as an attractive investment destination, he said.

HRH Prince Salman commended existing public-private partnerships and the legislative authority’s co-operation, which helped expand the kingdom’s economic development.

He underlined national efforts to further economic and investment successes and provide quality opportunities for citizens.

Chief executive Khalid Humaidan presented the EDB’s key achievements, noting a $1.1 billion direct investment attracted in 2022. As of June this year, the EDB attracted direct investments of $1.1bn, in line with the Economic Recovery Plan’s goals that aim to attract more than $2.5bn in investments by the end of the year.

The investments attracted for 2023, stemming from 42 investment projects, are expected to create more than 2,900 jobs for citizens over the next three years.

Mr Humaidan then reviewed economic indicators in the non-oil sector, which was the largest contributor to Bahrain’s overall economic growth.

He indicated that the data showed that Bahrain recorded an average annual nominal GDP growth of eight per cent over the last 20 years, in comparison to a world average of 5.5pc over the same period.

The data also revealed that the sector contributed 17.5pc to real GDP, while the oil and gas sector contributed 16.9pc and the manufacturing sector 14pc.

Mr Humaidan noted positive indicators regarding the real GDP growth for the rest of 2023.

Industry and Commerce Minister Abdulla bin Adel Fakhro then presented the latest developments of the SME Development Board’s strategic plan and highlighted key performance indicators that demonstrated a 14pc growth, corresponding to an increase in the GDP from $13.6bn to $15.4bn of the SME sector between 2021-2022.

He concluded by highlighting the initiatives adopted to increase SMEs’ contributions to the national economy.

Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa, senior officials, and EDB board of directors also attended the meeting.

 

Source: https://www.gdnonline.com/Details/1254658/Going-for-growth-

 

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