Bahrain offers world class investment opportunities

By Naila Barakat Manama, Sep. 25 (BNA): Bahrain is an ideal investment destination, thanks to the reforms backed by excellent infrastructure and regulatory regime. Zayed R. Alzayani, the Minister of Industry, Commerce and Tourism told an audience of 300 businessmen, investors and government officials that the Kingdom of Bahrain can be choice of investment not only for investment climate but also because of its geo-strategic position. In his opening address of first Pakistan Bahrain Business Opportunities Conference 2016 said that Bahrain is a strong investment base for Pakistani businesses that exceeds $1 billion. “These investments are from Pakistani companies that have chosen to set up manufacturing or trading operations in Bahrain, stressing to capitalize existing base and cultivate further growth of trade as well as create more investment opportunities between the two countries,” Al Zayani said, adding that the existing $104million trade figure was not reflective of the existing potential on both sides. Excellent ties were the culmination of the implementation of the directives of the wise leadership and the government aimed at further enhancing the ties between the two sides. “We have been working diligently with our colleague at Bahrain Economic Board as well as Bahrain Chamber of Commerce and Industry over the past 18 months to overhaul our investment landscape,” Al Zayani said. “We started analysing procedures and policies and reengineered them to streamline business set up in Bahrain. We automated our company registration process and celebrated that success in producing a company registration in 93 seconds.” The minister noted that four laws with a direct economic impact was redrafted and approved and “we moved to liberalise 97% of our sectors to allow foreign ownership including almost 60% of then allowed as 100% foreign ownership.” “Last week at the Government Forum, HRH Prince Salman bin Hamad Al Khalifa the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, announced that the time has come for the private to take the lead in Bahrain’s economy. HRH added that government role would shift from being the major contributor in the GDP to an enabler, regulator, facilitator and partner for the private sector,” the minister said. Both sides have also signed four memoranda of understanding (MoU) to enhance the scope of co-operation between the two sides.