Public, private sector cooperation discussed

Manama, Nov. 7 (BNA): Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa has met members of Bahrain Association of Banks (BAB). The minister reviewed during the meeting aspects of enhancing cooperation between the private and the public sector which will help to accomplish the outcomes of the Government meeting 2016 to activate the cooperation between both sectors. During the meeting the minister presented the major projects that the ministry of oil, and it included the latest BABCO project about updating and expanding the oil filtration as well as the upcoming project of Pipe lines between Bahrain and Saudi Arabia which was scheduled to start operating in 2018. The minister also discussed the Bapco Modernisation Programme (BMP) and Bahrain Gas Project, Bahrain LNG Import Terminal (BLNG). Dr. Waheed Al Qassim CEO of Bahrain Association of Bahrain said: "The local banks enjoy caliber staff to engage in major investments along with regional and international banks, and added that the energy sector and oil in particular still offers promising opportunities for investment, despite what we are witnessing a decline in oil prices, especially and that this decline did not affect the giant energy projects in Bahrain and the Arabian Gulf. Mohamed Assam General Manager of the Arab Bank - Bahrain, said: "The financial and banking sector in Bahrain has an opportunity to raise its contribution to the gross domestic product by employing large potentials by the major government projects, adding that this sector has always been a mainstay the national economy, reaching the contribution of the financial sector in the GDP to 16.7%, the second sector immediately after the oil, he said, that the economic changes imposed by the current challenges that push those in charge of the financial and banking sector to the initiative to develop economy and diversify their investment mechanisms. The banks and major financial institutions implement the ability of Bahrain which is considered as a giant national economic projects linked to energy or oil and gas fields or the infrastructure, pointing out that these institutions operate according to the guidelines of administrative governance and levels of full transparency and said, "Bahrain has been a regional financial centre leading over more than 40 years, while regulatory and supervisory systems CBB provide reliable and comfortable working environment for investors, and contributed to avoid financial crises suffered by many countries." From her side Najla Mohammed Al Shirawi, CEO of Securities & Investment Company (SICO) stressed the importance of strengthening joint cooperation between the public and private sectors to strengthen proceed with the march of development and prosperity of Bahrain, within Bahrain's Vision 2030, pointing to the readiness of the financial and banking sector in Bahrain to promote the national responsibility towards this vision and to engage in an active partnership to finance government projects. Al Shirawi said "Investments in energy projects supports the diversification of the national economy's efforts, through the expansion of partners circle in these projects, and maximise income, and to ensure the continued economic growth of the Kingdom of Bahrain. She stressed at the same time on the strength of the financial and banking sector in Bahrain and the large accumulated experience of the human and technical abilities, "All this enables us to lead the dream of the trend towards raising the contribution of the private sector in the gross national product." In the meantime, Yousef Ali Mirza stressed the importance of moving ahead with partnership steps with the public sector and the engagement in financing major projects operations, pointing out that it requires the cooperation of both sides to establish legal ground, while continuing to develop legislation and laws governing the work of the sector, and give them more flexibility and the ability to implement the initiatives and innovations in the field of investment banking, and to serve in the end the government's drive towards more visibility to the role of the private sector and its development.