Bahrain highlights sustainable growth and gender balance

Washington, Oct. 17 (BNA): A delegation led by the Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, today participated in a showcase on sustainable growth and gender balance in the Kingdom of Bahrain, in Washington D.C., US. HE Shaikh Salman noted Bahrain's development across a wide range of indicators that position the Kingdom to better compete in the global economy, in line with principles of Bahrain’s Economic Vision 2030 and under the leadership of HM King Hamad bin Isa Al Khalifa. HE Shaikh Salman reaffirmed that Bahrain’s economy has seen positive growth over the past 10 years in response to long-standing economic diversification strategies, stating that between 2008 and 2018 non-oil GDP expanded by 50% while oil production rates remained steady. Furthermore, HE the Minister noted that the Government is on track to achieve all objectives within the Fiscal Balance Program, as evidenced by positive initial results in the first half of 2019 compared with the same period the year before. HE Shaikh Salman noted the following impressive results during the first half of 2019, compared with the same period in 2018: • The deficit fell by 38% • Non-oil revenues increased by 47% • Oil revenues increased by 10% • Expenditure reduced by 14% The Minister of Industry, Commerce and Tourism, HE Zayed R. Al Zayani, highlighted that Team Bahrain has introduced a number of initiatives which have accelerated investments, placing Bahrain among the Top-20 improvers in Doing Business 2020 report published by the World Bank. HE Zayed R. Al Zayani further briefed those present on Bahrain’s recent success issuing and amending legislation that facilitates business activities. Of particular importance are the Insolvency Law, which is designed to protect minority investors, and the business licensing system ‘Sijilat’, which together are further strengthening the domestic commercial environment. The President of Customs, HE Shaikh Ahmed bin Hamad Al Khalifa, noted that Bahrain’s development initiatives continue to promote new business start-ups and other entrepreneurial endeavours. HE referred to the World Bank Group selecting the Customs Clearance Committee as a model for trade facilitation and reducing barriers, noting that this recognition serves as an example of positive international engagement with Bahrain’s development initiatives. HE the President of Customs went on to highlight the recent introduction of the second edition of the Single Window Project ‘Ofoq 2’ as a further example of how Bahrain is utilising the latest technology, including AI and Blockchain, to facilitate international trade. The delegation also noted Bahrain’s achievements in streamlining the process for issuing building permits, an important component of the World Bank’s ‘Ease of doing business index’. In 2018, the Government launched ‘Benayat’, a streamlined process that allows building permits to be issued within five days. As a direct result of this, it now takes on average 2.7 days to issue building permits. Later, the delegation highlighted the steps Bahrain is taking to advance women’s leadership in the workplace, noting that the Kingdom’s Supreme Council for Women continues to introduce robust initiatives to develop the role of women in the national workforce. The delegation went on to update the showcase attendees on the progress being made in Bahrain’s transport and logistics sector. From 2015 to 2019, Bahrain Logistics Zone’s occupation rate increased from 39% to 81% and is now home to more than 15 companies that have collectively invested over USD 480 million. The delegation concluded by discussing Bahrain’s efforts to transition to a digital economy by continuously upskilling its workforce and capitalising on emerging FinTech opportunities.