USD 32 billion worth investments in Bahrain now- Bahrain Crown Prince
Date
12/13/2015 11:10:19 PM
(MENAFN- Kuwait News Agency (KUNA))
MANAMA Dec 13 (KUNA) -- Bahraini Crown Prince First Deputy Prime Minister and Chairman of the Economic Development Board (EDB) Salman bin Hamad Al Khalifa chaired a board meeting of the EDB in Riffa Sunday and is implementing a comprehensive program of structural economic and fiscal reforms to further strengthen its long-term development. The program is underpinned by three pillars: streamlining government expenditure; further redirecting government subsidies towards citizens; and a series of economic reforms and infrastructure projects worth more than USD 32 billion to increase investment and maintain growth. He noted during the board meeting's opening that the unprecedented infrastructure investment due to take place in Bahrain will make a vital contribution to diversification efforts and non-oil sector growth.
Speaking about the Kingdom's comprehensive economic strategy the Crown Prince stressed that a key priority within the strategy is to further improve citizens' living standards and provide sustainable job opportunities for all and also emphasized that improving and modernizing business and investment regulation is crucial to facilitating and fostering entrepreneurial opportunities.
Khalid Al Rumaihi Chief Executive of the EDB presented the EDB's operational plan for 2016 and the target sectors that the will focus on over the next 12 months.
Al Rumaihi highlighted that the EDB's efforts to promote the Kingdom in target markets - including in China and Germany - this year have resulted in a number of significant business agreements and attracted international investment that will support substantial job creation. The Chief Executive also noted that continued diversification efforts have led to stable economic growth which is forecast to reach 3.6 percent in 2015 and that the contribution of the financial services manufacturing and construction sectors now exceed that of the oil sector which contributes only a fifth of GDP.
Al Rumaihi noted that the Crown Prince's directives are reflected in the EDB's 2016 operational plan and that the EDB's future efforts will focus specifically on the manufacturing transportation and logistics; tourism; financial services; and ICT sectors.
mga.ibi
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