Businessmen in Bahrain have pledged to work harder to reinforce the Kingdom’s business-friendly image.

Recent developments are a wakeup call and businesses need to be “better than before” to revive the national economy and reinforce investor confidence, the head of a key think-tank set up by the Bahrain Chamber of Commerce and Industry has warned.

“Peace and stability is the key for business to flourish anywhere – this is time for all of us to work for the benefit of the country and its people,” Bahrain News Agency quoted Abdul Hameed Al Kooheji as saying.

This is a daunting challenge not only for captains of industry but also for the grass roots traders, he pointed out.

The think-tank has been set up to prioritise worst-hit sectors and work with the government to revive the economy after two months of unrest.

The chamber has started meeting representatives of the worst-hit hospitality and retail sectors. “Hotel occupancy has been hit badly during the past few months as people preferred to hold meetings in Dubai or elsewhere rather than come to Bahrain.

“We saw there is liquidity in the market, especially in the Gulf, but people have no confidence to invest,” Al Kooheji said.

According to reports, the tourism industry lost more than $500 million over February and March especially with the cancellation of the Bahrain Grand Prix.-TradeArabia News Service