Bahrain’s economy is on the right track, thanks to its openness, diversity, sound fundamentals and well-qualified national workforce, according to Ambassador Samaan.
The Kingdom of Bahrain has overcome the repercussions of last year’s painful events, thanks to His Majesty King Hamad bin Isa Al Khalifa’s wisdom, ambasasdor added.
Bahraini Ambassador to the UK Alice Thomas Samaan told the meeting at Middle East Association (MEA) in Bury House, at the invitation of MEA Director-General Charles Hollis.
Ambassador Samaan also praised the solid deep rooted Bahraini-UK ties, commending Britain’s supportive stances towards the Kingdom.
The following is the full text of Ambassador Samaan’s speech:
“I’m delighted to be invited by the Middle East Association to address you and would like to thank Charles Hollis and the Middle East Association for their kind invitation to such a distinguished gathering.
I’m sure all of you here have had the experience in your business life: You have been working in a particular field and acquired quite a bit of knowledge about it – of its nuances and complexities.
“Then one day, you open a newspaper and there’s an article on it. You read it and think: ‘this could be on an entirely different subject – I barely recognise what they’re talking about.’
“Well, as you might imagine, in my job, that has happened quite a bit!
The events of last February and March were traumatic for everyone in Bahrain. Things happened that should not have.
“The world told us so. Perhaps more importantly, we knew so ourselves.
HM the King showed leadership and determination in ensuring what he called “the painful events” are not repeated by learning the right lessons from them.
“But this afternoon, I would like to take a few minutes of your time to tell you about some of the things that you are probably not reading about in the newspapers.
– Bahrain’s economy is buoyant – With the exception of tourism – inevitably affected by what people see and read in the media.
– Economic conditions are, one might say, the envy of what most EU members are currently experiencing.
“Throughout last year, Bahrain was open for business:
– New companies were being registered.
– Civil law relating to commercial transactions was being administered as normal.
– Companies and individuals were and are free to move their capital in and out of Bahrain as they choose.
– And investor confidence in Bahrain’s sound fiscal position was maintained, with oversubscribed bond issues.
“Bahraini businesses have been notching up some notable wins.
Last week, I hosted a dinner attended by BT Bombardier Transportation, Foster and Partners and Handelesbanken, for the re-opening of the Mersey Tunnel which has been re-lined with cladding supplied and installed by Bahrain Fibreglass (BFG).
“There is a genuine two-way flow of business between Britain and Bahrain.
More businesses are coming to Bahrain or expanding their operations there.
“Last October, BASF held a ground-breaking ceremony for a new facility, which will become fully operational in August.
“I expect there will be further announcements by blue chip companies investing in Bahrain in the near future.
“When they come to Bahrain, overseas companies find a committed, high quality workforce. Bahrainis comprise over 50% of the workforce, a proportion that rises to over 70% in the financial services sector.
“With over 370 offshore banking units and representative offices, financial services are now the largest sector of the economy: accounting for around 30% of the GDP – three times the contribution from oil and gas.
“According to the US Government, Bahrain is one of the most diversified economies in the Gulf, and the quality of Bahrain’s workforce is a major reason why.
“51% of Bahraini school leavers go on to study at university or some other form of tertiary education. I understand that the comparable figure in the UK is around 59%.
“The Government spends a higher share of GDP on healthcare than virtually any other country in the region. Life expectancy at over 78 is comparable to that in the West.
“According to the Washington DC Heritage Foundation’s Index of Economic Freedom, Bahrain is the most open and free economy in the Middle East. Globally, Bahrain is ranked in 10th place – One place behind the United States.
“Without banging the drum too loudly, I think it’s fair to say that Bahrainis are better educated, live longer and have more economic opportunities than elsewhere in the region.
“It’s not just companies that appreciate Bahrain’s attractions as a business centre. Often when I meet expatriates, they tell me how much they enjoy life in Bahrain. To them, living in Bahrain is more than an expat posting.
“And I’d like to feel that your employees working in Bahrain feel themselves a valued part of the community.
“Bahrain is what it is today in large part because of the close and enduring links we have with Britain, ties which go back over two centuries.
“If you look around the world at the successful island economies, such as Singapore, Hong Kong and Bahrain, is it such a coincidence that they’ve had a close relationship with Great Britain?
“Britain’s legacy is in Bahrain in all kinds of ways: the setting up of the first girls’ school in the Gulf in 1928; the quality public infrastructure; a predictable legal system governing commerce and business; a reputation as being the most tolerant and socially progressive state in the Gulf.
“These things we drew from Britain, encouraged by our own open nature, and our love for knowledge and aspiration for a better way of life.
“And when we were going through difficult times, Britain gave us support and encouragement to do the right thing: to admit where things had gone wrong so the lessons could be learnt for the future.
Wherever you look around the world, 2012 promises to be a year of challenge:
“In Bahrain, the economic fundamentals are sound. The quality of our human capital is high and business success is rewarded. So in looking to the future, Bahrain and Bahrainis welcome companies from around the world who want to share their future with us.