Bahrain's financial experts have called for a wide-ranging strategy to revitalise Bahrain's economy and bolster its competitive clout in the region, said a report.

A wide-ranging strategy was yesterday urged to revitalise Bahrain's economy and bolster its competitive clout in the region.

The financial regulatory authority called for constraints curbing companies to be lifted as a catalyst to encourage them to establish in Bahrain - including caps on expatriate workers and residence, reported the Gulf Daily News, our sister publication.

The Central Bank of Bahrain (CBB) stressed the importance of giving firms the freedom to hire highly-skilled expats in return for paying required fees.

This was in response to a parliamentary proposal submitted by MP Mahmoud Al Mahmoud, who urged the government to reform the economy, create a business-friendly environment and attract foreign capital, particularly Saudi investments.

The CBB reply stressed the need to rethink investment legislation, develop the tourism sector, modernise transport and support Bahrain's national carrier, Gulf Air, to serve as a key pillar of the national economy.

Bahrain Chamber of Commerce and Industry joined the CBB call, urging more flexible and business-friendly trade legislations to strengthen Bahrain's economic competitiveness in the region.

It stressed the need to build a durable tripartite partnership for sustainable development by engaging the public and private sectors, in addition to civil society institutions.

"The achievement of national interests require a stable economy, a safe investment environment, a sustainable development policy and the rule of the law," the chamber said.

It stressed the importance of engaging the private sector in making decisions, planning and executing economic policies.

It called for a thorough review of the economic and social policies to correct dysfunctions and strike a balance between economic efficiency and social justice. It also stressed the need to promote small and medium enterprises, foster entrepreneurship culture and modernise infrastructure.-TradeArabia News Service