Bahrain’s economic resilience proves its mettle

Chairman BCCI Khalid Almoayyed

MANAMA: The vigor of world economy has been largely affected by a number of crises, key among which the slump of oil prices, which has curbed countries’ economies, trade, and capital movement. Yet, Bahrain’s economy shows great resilience in such challenging times, says BCCI Chairman.

Khalid Almoayyed, the Chairman of Bahrain Chamber of Commerce and Industry, told the participants of the Invest in Bahrain Forum that the Forum would help in promoting investment in the industrial field, stepping-up competition, and stimulating the expansion of trade.

Yet, Mr Almoayyed added, Bahrain with its resilient economy, sustained its standing as a business and investment destination according to international reports. For instance, Bahrain ranks among the top ten most improved economies in the world as of 2017, it ranks 63rd internationally, advancing three places since 2016. Bahrain also ranks second place among Arab countries in ease of doing business according to World Bank’s Report 2017. Other indicators such as Economic Freedom, Transparency and Governance, in addition to the advanced legislation have reinforced investors’ confidence in Bahrain’s business environment.
Bahrain has shown an example of economic resilience and has succeeded in sustaining its advanced standing as a business and investment destination. And hence we witness an influx of investments and projects backed by the promising opportunities Bahrain has to offer.

He thanked His Highness Shaikh Salman bin Khalifa Al Khalifa, Advisor to His Royal Highness the Prime Minister for being the Chief guest during the Forum opening session.

“It is both a pleasure and a great honor for us to take part in this prominent annual forum held under the auspices of His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa. This high-level patronage signifies the standing of this event and its positive impact.

“I would like to extend deep thanks and appreciation to the Ministry of Industry, Commerce, and Tourism on holding this forum in its 12th edition, and being keen on having the Bahrain Chamber of Commerce and Industry as a partner in organizing and promoting this renowned forum. Words of thanks are also extended to all organizations and authorities taking part in this event and contributing to its success, not forgetting to thank our esteemed guests.”

In light of the economic challenges, he said, it is important for the private sector to revise and update its strategies in line with those of the government. It became particularly essential for businesses to diversity their investment portfolios and widen the spectrum of their businesses, in addition to adopting knowledge-based activities.

“It is an opportunity to renew our thanks and deep appreciation to your Royal Highness and commend your relentless efforts in supporting and encouraging the private sector. We reaffirm our keenness in working in harmony and hand-in-hand with the government in its endeavor to advance the business environment in Bahrain, fuel growth and progress, and reinforce economic and social sustainability.”

“In conclusion, I wish this event and its participants every success and hope to see optimum utilization of the facilities and business opportunities available in Bahrain.”

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