A decision to freeze LMRA (Labour Market Regulatory Authority) labour fees will save millions and benefit more than 63,000 companies, said the chief executive of the Bahrain Chamber of Commerce and Industry.

The action will save approximately BD53 million ($140.5 million) during the exception period (April 2011 - April 2012), said Ibrahim Al Lingawi.

The decision confirms the wisdom of HRH Prime Minister Prince Khalifa bin Salman Al Khalifa and his awareness of the importance of encouraging private sector growth and putting businesses back on the rails, he added.

Most economic sectors are experiencing a recession as a result of the unrest and their inability to grow and contribute to the progress of the national economy, Al Lingawi said.

The decision to extend the freeze on Labour Market Regulatory Authority fees (BD10 ($25.6) per month) until the first quarter of next year will help reduce obligations of these companies and provide favourable conditions for them to stay in business, he added.

The chamber also lauded the Premier's directives to review the fees and evaluate its effects on other sectors.

This reflects the generous foresight of the Premier and his keenness to provide all necessary support to the private sector so that it can overcome the impact of the recession, said Al Lingawi.

These directives reflect his belief in the need to strengthen the business sector in the country, enabling it to play a competitive and pre-eminent part in the march of the economy, he added. – TradeArabia News Service