Bahrain’s businessmen last night (July 9) hit out at a decision to raise leasing rates for industrial plots and plans to slap customs duties on industrial raw materials.

“Crucial ministerial decisions affecting the industrial sector being taken without consulting parties concerned is dangerous,” they said, reported the Gulf Daily News (GDN), our sister publication.

“This gives Bahraini businessmen the impression that any hasty decision taken by authorities can be implemented overnight, without considering their negative impact.”

They were speaking at a closed-door meeting held at the Bahrain Chamber of Commerce and Industry to discuss the decision by the Industry and Commerce Ministry to raise the rates by 400 per cent to 800 per cent, reports our sister paper Akhbar Al Khaleej.

The absence of a long-term strategy and clear vision is a threat to the survival of Bahrain’s industry, the business owners said, adding that hasty changes without proper thought and planning could hinder or even close down Bahrain’s industrial sector.

Such decisions taken without careful consideration could have dangerous social, security and political implications as resultant job losses may make people vulnerable to ideological, religious or political extremism, they added.

The ministry raised the rates on the basis of rents in neighbouring countries, they claimed.

But it has not taken into account other factors like amenities provided to GCC investors in the industrial sector, customs facilities, provision of power at nominal prices, enormous production and export capabilities and relevant subsidies, huge local markets and government support enjoyed by national companies in winning government tenders. - TradeArabia News Service