Capital base of Bahrain firms tops $40 billion
Manama, October 31, 2013
The total capital of registered companies in Bahrain now amounts to more than $40 billion, having grown by more than 20 per cent every year since 2008, said Industry and Commerce Minister Dr Hassan Fakhro.
The kingdom's economic and commercial framework today is a powerful and flexible system, he said this in his opening address at the eighth Invest in Bahrain-Forum and Exhibition that started yesterday, reported the Gulf Daily News, our sister publication.
"It is powerful in terms of adherence to the rule of law and flexible in terms of practical implementation and the mechanisms that are followed to amend laws and regulations to meet the changing requirements of global business," he said.
Dr Fakhro said that the forum has contributed, over the years, in adding depth and diversity to the economy through attracting investment.
The leading industrial area, Salman Industrial City, has so far in few years attracted around BD550 million ($1.46 billion) of investments by around 100 local, regional and international investors, and 80 per cent of foreign investments represent multinationals.
"Bahrain offers the best facilities and incentive for investors to establish companies, through a finest and friendly business environment, facilitated regulations and very attractive cost base.
"With the proposed causeway project that will link Bahrain to Qatar, the country will become a unique location that offers the best linkage in the region.
"We are committed to constant improvement to build a better future, as Bahrain has succeeded in becoming one of the best business centres in the region through free, open and transparent economic policies.
"Bahrain has also protected its position as a competitive base at the global level through its focus on sustainability, skills and good governance," he added.
The minister said there were plans to establish an Exhibition City with investment value that could be around $1.5 billion.
"We continue to study the establishment of a new Industrial and Economic City as a new model for future development and provide the required lands and other infrastructure facilities to meet increasing demand," he said.
"Demand for industrial plots exceeds supply by ten-fold, and the government is currently considering new appropriate locations and allocations to develop industrial zones to meet the strategic expectations of the country," he added.
"The economy is expected to grow by 4-5 per cent this year.
"We have achieved all that by limited natural resources and without imposing taxation, at the same time we offer to our citizens free education, free healthcare and housing services," he said.
"We will continue to improve all aspects of economic, social and political environment for all residents," he added. – TradeArabia News Service