Bahrain to target key markets in trade push
Manama, April 11, 2014
Bahrain will target key markets this year to cash in on the country's competitiveness, it was revealed at an Economic Development Board (EDB) meeting.
The meeting was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Premier and EDB chairman, said a report in the Gulf Daily News, our sister newspaper.
The meeting focused on operational plan for the EDB this year.
The Crown Prince was briefed on the strategic plan that aims to focus on specific target sectors and take advantage of Bahrain's competitiveness. These include financial and professional services, healthcare, value-added logistics, manufacturing, training and education, and communications, media and technology.
The target markets include GCC countries, as well as some Asian, European and North American countries.
The Crown Prince directed the new board of directors to build on EDB's accomplishments, which resulted in positive economic growth in the kingdom.
He stressed that the EDB's ultimate goal is to improve quality of life for Bahraini citizens and this is best achieved through stable economic development.
Improved collaboration and co-ordination between government entities and the private sector is a vital element in raising the kingdom's competitiveness and increasing efficiency of the public services, he said.
The Crown Prince directed the EDB to follow up on implementation of strategic projects with the relevant ministries and public bodies. The work would include determining timelines and submitting periodic reports.
The board reviewed programmes and initiatives that have enabled the kingdom to achieve significant development across economic, social and governmental levels.
Transportation Minister and EDB's acting chief executive Kamal Ahmed gave a presentation, during which he discussed objectives for the current year.
These include development of strategies for the kingdom's economic development; working with government entities to create a competitive and efficient business environment; and attracting foreign investment that will support the economy and create high quality job opportunities for Bahrainis.
Ahmed discussed ways to achieve these goals, including collaborating with the government to prepare a national growth strategy.
It also includes launching promotional programmes to raise Bahrain's profile as a business and investment hub in the Gulf region, managing investor relations, and commissioning quality economic studies.
EDB chief economist Dr Jarmo Kotilaine gave a presentation discussing recommendations on strategic projects with various organisations to increase economic growth.
The Crown Prince requested the board to provide their suggestions on EDB's strategies and ways to create an attractive investment environment in Bahrain. - TradeArabia News Service