Manama: The Kingdom of Bahrain’s GDP has expanded by 80%; employment has grown by 130% and exports have grown significantly, with the revenue from non-oil exports growing by 229%, thanks to the wise and visionary leadership of HM King Hamad bin Isa Al Khalifa.
“Since the year 2000, in the prosperous era of His Majesty the King and under a wise government, Bahrain has worked, through the prestigious visits of the leadership, to raise the Kingdom’s profile economically and politically. The latest of His Majesty’s historical visits was to the Russian Federation,” the Minister said.
“The forecast for 2014 is for Real Gross Domestic Product growth to be around 4%. The manufacturing sector witnessed an increase of 4.7% last year thus the investment in 2013 reached around $1 billion. The total in the last decades has been $18 billion which represents 55% of the GDP,” the Minister of Industry and Commerce Dr Hassan Abdulla Fakhro told the Invest in Bahrain 2014 Forum.
Held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, the ninth annual event organised by the Ministry of Industry and Commerce to attract a diversity of investments to reinforce our national economy, it is a source of pride that the success of this particular event owes it to HRH the Prime Minister as he has successively patronised it, which makes it meaningful and unique event.
“The Bahrain International Investment Park in Salman Industrial City, launched by HRH the Crown Prince, caretaker of economy, has attracted $2 billion in just a few years, of which some 85% is direct foreign investment. Those excellent figures signify a distinguished achievement by the government. There is no doubt that the vision and hard work of the government of Bahrain to expand the economic foundations and reinforce the infrastructure, with focus on the industrial sector, will play a key role in achieving further prosperity.
“Recently, we launched the expansion of the Mondelez Company plant, known as Craft, which is expected to increase its investment in the coming phases to hundreds of millions of dollars, while the expansion of the local Chinese-Arab fiberglass manufacturing will add further hundreds of millions and will form the core of a developed industry for this product owing to its importance as a develop industry of the future.
“I hope I won’t be accused of being more optimistic than I should be, but I say this with faith and sincerity that the economy and industry in Bahrain is entering a distinct phases. By the grace of God the major Industrial and Economic City will be a success in the foreseeable future and as a result of His Majesty’s vision, Bahrain, God willing, will continue to remain in the forefront.
“This year’s edition of ‘Invest in Bahrain’ showcases, as usual, a number of feasible investment opportunities. We have focused on 56 projects in the metal, plastics, glass panelling, aluminium and other small and medium industries and have high hopes that the event will attract our citizens and visitors to enter these sectors, in addition to the glass paneling of fiberglass that has a bright future and has started to develop and expand in Salman Industrial City. Being one of the key industries of the future, we hope all the best in this industry.
“Bahrain’s excellence in this and other sectors can be attributed to its most important characteristic of trained local manpower. To this should be added Bahrain’s strategic location, economic capabilities, political, social and intellectual ties with its neighbours and other countries, the excellence of its environment and the hospitality extended to residents and visitors alike. All these are incentives which rouse interest among people from east, west, north and south, actually from everywhere.
“The Free Trade Agreement with the United States that gives an investor, particularly from the industrial sector, many opportunities to enter the largest market in the world without US taxes. All of these characteristics give Bahrain distinct capabilities in the whole region, as our economy is one of the most open economies for investment in the world, according to the Heritage Foundation and the Wall Street Journal Index and the low living cost, the low cost of registering a company, and a low inflation rate give us many and deep privileges. I’m proud to say that our country occupies the most worthy financial position, especially in Islamic banking. It also stands out as a gateway to the Middle East and beyond and these characteristics are acknowledged by all.
“I once again express my thanks and appreciation for his patronizing of the event and affirm that the major part of this progress is because of him and Bahrain will continue to move forward. We appreciate your presence and participation in this event which is a source of pride for us.
“May God lead you to the path of goodness and may Bahrain continue to remain the country of traditions and perfection, a country of the pioneering spirit and innovation, and a country of wisdom and moderation. We are walking with you on the path of goodness through steady and optimistic steps in this prosperous era of His Majesty King Hamad bin Isa Al Khalifa, the pastor of our renaissance and inspirer our ambitions.”