Saturday 30 October 2010
Gulf offers great opportunity for tapping into MENA potential, says Bahrain Economic Development Board chief
Posted on 11:06 by google
BAHRAIN. There are great opportunities to invest in the Gulf and tap into the growth of the Middle East and North Africa (MENA) region, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), told CNBC on Wednesday.
In an interview from the World Economic Forum (WEF) on the Middle East and North Africa in Marrakech, Morocco, Shaikh Mohammed told the global broadcaster that the demographics of the region represent significant potential for international companies. He was joined on air by Rasheed Al Maraj, Governor of the Central Bank of Bahrain (CBB).
“We are a growing region,” explained Shaikh Mohammed. “Today we are approximately a trillion dollars in GDP and the EIU forecasts this will grow to two trillion dollars. So today we are roughly the size of India. People talk about China and India; our goal is to say ‘don’t forget about the Gulf.’ And within the Gulf, Bahrain offers the best value proposition. We have the rule of law, the strength of regulation, and one of the freest economies in the Gulf for business.”
Bahrain is ranked the 13th freest economy in the world and the most free in MENA in the latest Index of Economic Freedom, published each year by the Heritage Foundation and Wall Street Journal. It is one of many international indices to reflect a commitment in Bahrain to creating the optimum business environment in line with the Kingdom’s Vision 2030, designed to drive the private sector as an engine of growth and support further diversification of the economy. Bahrain is now two years into the process, which the EDB is leading under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB.
Rasheed Al Maraj added that Bahrain has made tremendous efforts in order to improve the regulatory framework of the country. The CBB itself is the only single regulator in the Middle East and widely considered the best and most progressive in the region. “There have been serious efforts in bringing reform – both economic and political,” he said. “As far as banking regulation, we have modelled our framework into the international regulatory framework.”
Asked if the solid foundation for investment in the region – though better cushioned than many other places – was reliant on oil revenue and price stability, Shaikh Mohammed said: “In Bahrain today we have the most diversified economy in the Gulf; only one percent of employment is dependent on the oil sector and oil is only 13 percent of our GDP. So we are in a very strong position. The other Gulf countries are doing the same, investing in downstream industries. We want to be part of this globalised economy… and this is what we are all trying to do in the Gulf.”
Shaikh Mohammed and Rasheed Al Maraj are part of a Bahrain delegation at WEF on MENA and among the foremost leaders from business, government and civil society gathered at the event which run from 26-28 October.
The Bahrain Economic Development Board (EDB) is a public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
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