SMEs to benefit from downstream projects
Manama, October 25, 2012
Small and medium sized enterprises (SMEs) will benefit from foreign direct investment to develop downstream sectors on the back of greater government incentives, said an expert ahead of a key investment seminar in Bahrain.
More than 1,000 business people and investors from Europe, China, India and the Far East are set to attend 'Invest in Bahrain 2012' seminar being organised by the Industry and Commerce Ministry next month.
It will be held on November 7 at the Bahrain International Exhibition and Convention Centre, under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board (EDB) Chairman.
The seventh annual edition of the investment forum is set to boost the country's tourism, plastics, fibreglass, minerals and downstream sectors.
"Greater incentives will be provided towards developing the downstream sector," said acting assistant under-secretary for industrial development Kareem Ahmed Al Rashid.
"We're trying to promote industrial land, which can be bought without duty," noted Al Rashid. "There is no corporate tax in Bahrain, which makes the investment environment very attractive to foreign investors," he added.
Federation of GCC Chambers secretary general Abdulrahim Hasan Naqi said the forum will generate new ideas and foster greater integration between industries.
"An industrial map will be chartered to identify any missing opportunities and the focus will be on GCC projects targeting SMEs," he stated.
"Small businesses are ideal long-term investment, and tourism and allied sectors will be highlighted at the forum," remarked Al Rashid.
The seventh annual investment forum provided the ideal promotional platform to attract FDI, said industrial development director Aziz Ali Alka'abi. "There is a tangible co-ordination between Bahraini and GCC economic entities," he added.
Invest in Bahrain 2012 is being jointly organised by the Culture Ministry, Bahrain Chamber of Commerce and Industry, EDB, Tamkeen, the Gulf Organisation for Industrial Consulting and the Federation of GCC Chambers.-TradeArabia News Service
More Energy, Oil & Gas Stories
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants