Deputy King highlights Bahrain’s strong track record of economic reform

Manama, Nov. 19 (BNA): Deputy King, His Royal Highness Prince Salman bin Hamad Al Khalifa, today met the Chief Business Officer and member of the Managing Board of the World Economic Forum, Murat Sonmez, at Gudaibiya Palace. During the meeting, His Royal Highness emphasised that one of the key pillars of Bahrain’s economic strategy is to ensure that sustainable economic development benefits all citizens. His Royal Highness added that the Kingdom’s decade-long economic reforms have helped to foster an innovative economic environment. His Royal Highness highlighted that the World Economic Forum’s Global Competitiveness rankings recognise the progress Bahrain has made in developing its regulatory framework, education and training programmes, and overall market efficiency. His Royal Highness also highlighted that the Kingdom remains committed to facilitating investment in key sectors that provide substantial economic returns. His Royal Highness stressed that Bahrain’s diversification efforts have significantly reduced the economy’s dependency on oil so that the oil and gas sector now accounts for only 20% of GDP, compared to 44% in 2000. On wider regional efforts, His Royal Highness stressed that sustainable development must inform every aspect of regional reform, and that ensuring the stability and security of the region is a key pillar for strengthening regional economies. His Royal Highness then noted that Bahrain has a long-standing relationship with the World Economic Forum, and that high-profile Bahraini delegations regularly participate in the World Economic Forum’s annual international meetings in Davos and the MENA region. In conclusion, His Royal Highness extended his best wishes to the Chief Business Officer, and wished him every success in his efforts to reinforce the World Economic Forum’s role in formulating global and regional economic strategies. For his part, Mr Sonmez expressed his appreciation for the opportunity to meet with His Royal Highness to discuss domestic and international economic affairs, and emphasised that he looks forward to continued interaction between the Government of Bahrain and the World Economic Forum. The Chief Executive of the Economic Development Board (EDB), Khalid Al Rumaihi, also attended the meeting