National economy is treading on the right path: HRH Premier

The national economic momentum is sound, healthy and capable of coping with the growth requirements of the next phase thanks to political stability which resulted from the successful handling of the political and security situation in Bahrain, the Cabinet heard on Sunday.

The ministerial council, chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, got assured about the healthy financial and banking sector in Bahrain and reviewed recommendations by Deputy Premier and Head of the Ministerial Committee for Financial and Economic Affairs Shaikh Mohammed bin Mubarak Al Khalifa.

Following an account by the Central Bank of Bahrain Governor, the Cabinet approved measures to boost the kingdom’s credit rating by adopting a comprehensive strategy to deal with economic developments. It tasked the Ministerial Committee for Financial and Economic Affairs to follow up on implementation of the strategy with ministries and concerned parties.

The council underlined the kingdom’s policy which is based on respect of human rights and protecting public and private liberties. Yet, there is no laxity regarding individual violations.

The Cabinet urged concerned sides to ensure implementation of laws and regulations according to international human rights criteria. It instructed all parties to investigate human rights allegations underscoring the need to confront false and fabricated information aimed at undermining the kingdom’s good reputation in the human rights field.

“Bahrain will always honour its obligations regarding all human rights conventions it has signed for such rights are a religious and moral commitment first and foremost,” the Cabinet affirmed.
It also hailed Jordan and Morocco’s request to join the GCC which was unveiled in the 13th consultative meeting of the GCC Supreme Council held recently in Riyadh.

“The GCC successful experience is worth to be promoted further by broadening the scope of cooperation among different states under the GCC umbrella,” it was revealed.

The Cabinet lauded the consultative summit’s communiqué which reiterated full support to Bahrain in deterring any danger underlining the importance of the GCC leaders’ meetings in speeding up the GCC integration and unity and promoting the member states’ capability to confront political, security and economic challenges.

The council approved a draft law to join Rotterdam Convention on the prior informed consent procedure for certain hazardous chemicals and pesticides in international trade and decided to refer it to the legislative power.

The agreement aims to promote shared responsibility and cooperative efforts among parties in the international trade of certain hazardous chemicals in order to protect human health and the environment from potential harm and to contribute to their environmentally sound use.

The Cabinet approved a draft decree to amend some provisions of decree 25 for 1996 to set up and regulate the World Trade Organisation national committee and define its duties.

It also approved Bahrain’s signing of the Secretariat General’s by-law of the Conference on Interaction and Confidence-Building Measures in Asia. The Foreign Minister was delegated to sign the agreement on behalf of Bahrain.
The Cabinet approved an agreement to promote investments between Bahrain and Cyprus and commissioned the Minister of Finance to sign it on behalf of Bahrain.

It also approved a cooperation agreement between Bahrain and Tanzania regarding air services and tasked concerned parties to take the necessary technical and legal measures for that.

The ministerial council approved an agreement between Bahrain and Georgia regarding prevention of double taxation and fiscal evasion and tasked the Finance Minister to sign it on behalf of Bahrain.

The Cabinet got informed about licences for new industrial projects issued in the first quarter of this year through a memorandum by the Industry and Commerce Minister which showed a 25% increase in investment capitals compared to last year.
The council approved the Public Prosecution’s access to the International Association of Prosecutors’ membership.

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