Investments are vital for economy
MANAMA: The Crown Prince yesterday highlighted the importance of attracting foreign direct investments (FDI) to strengthen the national economy and help create high-quality job opportunities for Bahrainis.
This came as His Royal Highness Prince Salman bin Hamad Al Khalifa, Crowne Price, Deputy Supreme Commander, First Deputy Premier and Economic Development Board (EDB) chairman, chaired the EDB board meeting at the organisation's office in Bahrain Bay.
The Crowne Prince stressed the importance of strengthening Bahrain's competitiveness regionally and globally through the implementation of initiatives designed to enhance the business environment.
He highlighted the modern regulative and legislative structure which can reinforce the kingdom's reputation as an investment destination.
The Crowne Prince noted Bahrain's success in supporting key economic sectors.
He also highlighted innovative practices in the financial sector, which are responsive to global economic trends.
He stressed the need to further strengthen the economic sector and boost its role in the next phase of development.
The Crowne Prince noted the EDB'S strategic role in attracting FDI and promoting Bahrain. EDB chief executive Khalid Al Rumaihi presented progress reports on EDB initiatives undertaken in collaboration with other ministries.
The meeting discussed the development of new laws and legislation, improvements to the commercial dispute resolution process, and initiatives to facilitate commercial registration. Each initiative is designed to streamline business entry to Bahrain, improve the commercial judicial system and support the SME sector, Mr Rumaihi said.
Expansion:
The EDB recently launched new operating offices in Turkey, the US, Malaysia, Singapore, Sweden, Norway, Finland, Holland and Denmark, in addition to existing offices in Japan, India, China and the UK, among others.
Mr. Al Rumaihi said the EDB, during the first quarter of this year, attracted a number of companies to establish operations in the Kingdom, creating jobs in the sectors of logistics, ICT and social services.
Bahrain is one of the first countries, regionally, to join an international Global FinTech Hubs Federation, which aims to further strengthen knowledge and expertise withing financial technology, he added.
Source: http://www.gdnonline.com/Section/4/Bahrain-Business
