Bahrain offers competitive advantages to business

By Naila Barakat Manama, Sep. 26 (BNA): Bahrain offers unparalleled advantages to the businesses backed by multi-billion dollars’ infrastructure development projects will serve as catalyst to attract more foreign direct investments in all key areas, according to a senior Government official. “The Kingdom of Bahrain is seeking to modernize its existing infrastructure and the multibillion US dollar projects will have profound impact on the economic development of the country,” Nader Almoayyed Undersecretary of the Ministry of Commerce, Tarde and Tourism said at the opening of the one-day Re-Invest Bahrain. “There is no restriction on the repatriation of profits, dividends by the banks and financial institutions operating in Bahrain is one of the key attractions for the investors in this one of the most vibrant sector of the Kingdom of Bahrain. The Central Bank of Bahrain (CBB) has implemented a robust regulatory regime helping to provide sustainable growth to the banking and financial sector,” Al Moayyed said, adding that major infrastructure projects such as expansion of the Bahrain International Airport will serve as a catalyst to attract more foreign investments in all vital sectors of the economy. Organised by the Bahrain Asian Traders Committee (BATC) at the Bahrain Chamber of Commerce and industry (BCCI) the conference was held under the patronage of Zayed R. Al Zayani, the Minister of Industry, Commerce and Tourism has attracted about 300 delegates representing all sectors and overseas investor delegations from Pakistan. Eman Al Dossary, the Assistant Undersecretary for Foreign Investments at the Ministry of Industry, Commerce and Tourism in her presentation highlighted the salient features of the liberalization of the economy which have had a huge impact on the economy. “There are 93,000 Commercial Registrations (CRs) with a total market capitalization of BD22billion. The other indicators are also very encouraging sign for all of us,” she said. Khalid Amoayyed, Chairman of the BCCI board said the main purpose of this conference is to create greater awareness about the existing investment opportunities in the Kingdom of Bahrain. “The process of democratization, deregulation and reforms in the Kingdom of Bahrain has embarked on a new journey of development and modernization and also offer rare opportunities for the foreign investors and businesses,” the BCCI Chairman said. He added that efforts were on to setup a special centre for foreign investors as the BCCI is keen to implement the vision of His Majesty King Hamad bin Isa Al Khalifa on economic and social developments. “The BCCI will take a lead in implementing the pro-active policies of the Government to keep the status of the Bahrain as a destination of choice for the investors,” the BCCI Chairman, said. Mohammed Sajid Sheikh, the BCCI Executive Board member and the Chairman of the BATC in a wrap-up address said the Kingdom remained one of the most competitive business destinations in the GCC. “The businesses should take advantage of the business climate in the Kingdom of Bahrain and grow your business with the growth of the Kingdom of Bahrain,” he said.