Role of economic diversification praised

THE Finance and National Economy Minister has highlighted the important role of economic diversification in supporting and meeting the aspirations of the region’s youth, noting their desire to benefit from opportunities, not hand-outs.

This came as Shaikh Salman bin Khalifa Al Khalifa yesterday took part in the fourth edition of the Future Investment Initiative in Riyadh, Saudi Arabia.

The international conference featured panelists including Saudi Finance Minister Mohammed Al Jadaan, former White House Special Envoy to the Middle East Jason Greenblatt and Colony Capital’s Thomas Barrack.

Outlining Bahrain’s economic diversification success since the launch of the Bahrain Economic Development Board, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince Prime Minister, the minister noted the strong growth witnessed in Bahrain’s non-oil economy, which now represents around 90 per cent of Bahrain’s GDP, up from 55pc in 2000.

Looking to the future as well as Bahrain’s existing Fiscal Balance Programme, Shaikh Salman outlined the need for a recalibration of the relationship between economic growth and government revenues.

He called for efforts to create a positive correlation between economic growth and government revenues leading to greater economic stability, innovation and increased opportunities for all.




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