Bahrain's Economy has been Achieving Robust GrowthSource: www.export-egypt.com 3/16/2016, Location: Middle East |
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Bahrain's economy has been known for achieving robust growth due to the government's policy to diversify revenues, giving priority for non-oil sector the priority in executing projects, attracting foreign capitals and creating a suitable investment environment.
Bahrain's Gross National Product is projected to grow by 3.2 percent in 2016 and three percent next year, compared with 2.3 percent in 2015 and 5.4 percent the year before, according to the Economic Development Council. This projected growth indicates that Bahrain's national economy was growing steadily despite economic fluctuations and geopolitical turmoil the globe have been witnessing since 2014. Bahrain, which enjoyed attractive geographical location, planned a bundle of mega investment projects to be implemented in the next four years, totaling USD 22 billion, which would boost economic growth and improve competitiveness of the country. These projects will be executed in sectors of industry, infrastructure and tourism services, as well as developing Bahrain's International Airport, modernizing Bahrain's Refinery and carrying out oil and gas explorations. Bahrain eyes foreign investments to achieve its 2030 economic vision, ultimately aimed at improving living conditions. Bahrain is also in the process of becoming a regional re-export hub, thanks to the Khalifa Bin Salman Port, opened in 2009. Bahrain, offering no tax on private companies, is the only country in the region that allows foreign investors to fully own assets and real estates. The Gulf Kingdom is following high standards of human development, solid banking sector, openness on global trade and advanced information technology. Bahrain, which has been excelling in financial services for some 40 years, is the home of more than 400 entities offering banking services, Islamic finance, insurance, asset management and Islamic banking. The country has skilled manpower which encourages foreign investors to save money used for importing labor. Bahrain is in the heart of the GCC market, whose value estimated at USD two trillion, and the country is the number one choice for international companies to set regional offices. The country's infrastructure and information technology services are lucrative for foreign investors, coupled with relatively low custom tariffs. |
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