Dr Jarmo T Kotilaine
Bahrain diversification push in focus
Manama, March 18, 2014
A panel discussion on diversification of Bahrain's economy is being hosted by the Economic Development Board (EDB) in collaboration with the Bahrain Institute of Banking and Finance (BIBF).
The discussion will be held tomorrow from 6pm to 8pm at the Arundel Room in the International Institute for Strategic Studies, GBCorp Tower, Bahrain Financial Harbour, reported the Gulf Daily News, our sister publication.
Plenary talks will focus on the review of recent trends and assessments of the different aspects of diversification, including GDP composition, the labour market and Bahrain's exports.
This seminar is part of a quarterly series that targets a diverse audience, including policy-makers and senior personnel from within the banking industry.
Speakers include Industry and Commerce Ministry assistant under-secretary for domestic trade Hameed Rahma, Labour Market Regulatory Authority (LMRA) policies adviser to the chief executive Mohammed E Dito, BIBF head of banking centre Dr Subhadra Ganguli and EDB chief economist Dr Jarmo T Kotilaine.
"As an established hub for trade and investments, Bahrain was a regional pioneer of economic diversification," Dr Kotilaine said in a statement.
"Initiatives over the decades have included downstream oil and offshore financial services, along with long-standing investments in human capital development," he added.
Bahrain can today take pride in not only a diversified sectoral breakdown but also a national labour force which is primarily employed in the private sector, Dr Kotilaine said.
"To drive the process of diversification forward, the kingdom offers low operating costs and enjoys a reputation as the 'Gateway to the Gulf', with the best market access to the economies of the GCC, a $1.5 trillion market that is set to reach $2 trillion by 2020."
These factors have helped the kingdom develop into the region's most-diversified national economy, with the non-oil sector accounting for more than three quarters of the economy and expected to grow by around 4.5 per cent this year, he said.-TradeArabia News Service