Invest in Bahrain 2015 Forum opened

Manama, Nov. 4 (BNA): His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has deputised Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa to open the 10th "Invest in Bahrain 2015" Forum, organised by the Ministry of Industry, Commerce and Tourism at the Bahrain International Exhibition & Convention Centre (BECA). Shura Council Chairman, ministers, senior state officials and guests from Bahrain and abroad attended. Addressing the opening session, Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa expressed sincere thanks and appreciation to HRH the Prime Minister for deputising him to open the "Invest in Bahrain 2015" Forum, held under auspices, stressing that the Prime Minister is the main supporter of the success story of the kingdom's economic and development boom. He said the forum, organised by the Industry, Commerce and Tourism since 2003, is a crucial event aiming to promote the investment opportunities, highlighting investors' growing confidence in the kingdom thanks to its advanced administrative and legislative that cope with all changes and circumstances. In this regard, the deputy premier pointed out to the government's keenness on updating and developing the kingdom's legislative structure, citing His Majesty King Hamad bin Isa Al Khalifa's issuance of urgent decree laws for the aim of improving the economic atmosphere and putting in place an integrated environment for implementing various fruitful trade and industrial projects. According to a recent report launched by the MENA Centre for Investment, in cooperation with the Economic Development Board (EDB), Bahrain attracted $957m in Foreign Direct Investments in 2014, which reflects the sound and far-sighted vision adopted by the Government of Bahrain whose economy is now placed among the freest in the region and the most open in the world, he said. Shaikh Khalid bin Abdulla said that the kingdom will launch a number of vital mega strategic projects in the coming period. Financed by the general state budget or the GCC Development Programme or the private sector, those projects will benefit the citizens and upgrade their living standards, he explained. He cited the outstanding housing services provided through the new cities, implemented by the Housing Ministry, the infrastructure, health care, education and social services, the Bahrain International Airport Expansion Project, the construction of Alba's sixth production line and the ongoing efforts to develop the Southern Region. The deputy premier commended the efforts of the Industry, Commerce and Tourism Ministry to achieve the government's vision to attract more local and foreign investments to the kingdom, thanking, at the same time, the mega companies and the small and medium-sized enterprises participating in the forum. More than 1,000 participants are taking part in the forum in which there are about 120 pavilions of companies and instritutions. The forum features presentations on investment opportunities in the fields of knowledge-based industries, telecommunications, logistics capabilities, aluminum, food industries and strategic projects. Industry, Commerce and Tourism Minister Zayed R. Al Zayani also addressed the forum. He extended sincere thanks and appreciation to HRH the Prime Minister for his annual patronage of the event the even, organised by the ministry to attract investments in the kingdom. "The Ministry of Industry, Commerce and Tourism seeks to establish a successful and productive partnerships for all. The investment opportunities that will be launched today do not target to promote Bahrain as a suitable destination for investment, but represents a sincere call to open up broad areas for interest to upgrade and development these partnerships for better under friendly environment umbrella and under supported infrastructure, and reform movement in basic education and higher education, technical training, health services, and electronic services and communications to enhance a free and stable investment climate and open wide prospects for business owners," he said. He added that "Ministry launched Business Licensing Integrated System (BLIS) in May 20, 2015 and through it can convert all commercial licensing operations from paper to electronic, integrating relevant governmental bodies in one system and shorten the time required to obtain business license with no need to visit Investors Center and other government agencies. "This system communicates automatically with the provider with the applicant through e-mails to inform them about stages of issuing the license and with the required information and explains all conditions, procurers, laws and regulations needed to get the license and more than 1,800 business activity and services related to commercial activity such as booing names, adding partners or changing addresses. "The cabinet also adopted the principle to move to ISIC 4 to classify the activities which will be done soon pre-coordination with all Kingdom devices in addition to our partners, the Bahrain Chamber of Commerce and Industry, in freeing investment climate in the Kingdom of Bahrain." "The recently issued Decree Law No, 26 of 2015 amending some provisions of Decree Law No. 28 of 1999 of the establishment and organising industrial areas and Legislative Decree No. 27 of 2015 issuing the new Commercial Registration Law and Legislative Decree No. 28 of 2015 to amend the commercial Companies Law as additives mission is guided by the principle of the Economic Vision 2030 to facilitate business transactions and improve the competitiveness and sustainability," he also said. On the manufacturing sector, which is considered the third largest sector in Bahrain economy after oil and financial service and as part of economic diversification process, he said that "Bahrain focused on values added industries such as aluminum, petrochemical, metal products and iron. The Kingdom of Bahrain launched several large and strategic projects such as Bahrain Financial Harbor, and Bahrain-bases project in the Bahrain International Investment Park which has attracted investment from global leading companies and we will seek to assess this experience and develop it in our quest to establish model industrial areas in cooperation with the private sector which will lead to increase studied industrial investment and diversify the revenues of the national economy and achieve partnership strategy with an emphasis to be in line with Bahrain Economic Vision and increased economic activity and develop the small and medium industries through mechanisms and programs some are under study such as Export Development Center. Recently we have implemented a study in collaboration with the World Band and The Gulf Organization for Industrial Consulting (GOIC) to identify attractive opportunities to diversify exports which will be presented today by the World Bank and GOIC. The forum will offers also investment opportunities in knowledge-based industries logistic, telecommunication sector, logistics, aluminum sector, food industry in addition to investment opportunities in strategic opportunities in various sectors. "Needless to say that the tourism sector in the Kingdom of Bahrain has achieved over the past five years growth in average revenues amounted 13.5% and an increase in occupancy rates in hotel facilities by 31%. The ministry has sought to build potential in this sector which allows for foreign investment by 100% to launch some perceptions of sport tourism and exhibition and conferences tourism and other ideas that stimulate innovative tourism trends. Perhaps naming Manama the Capital of Gulf Tourism 2016 GCC Tourism Ministers the greatest impact in supporting tourism journey and we appreciate this trust." Then, Qatar Chamber of Commerce and Industry (QCCI) vice chairman and Qatari Businessmen's Association Muhammed Bin Ahmed Bin Towar Al Kuwari delivered a statement on behalf of Chairman of Federation of Chambers of the Gulf Cooperation Council (FCGCC) Khalifa bin Jassim bin Mohammed Al Thani. He extended utmost thanks and appreciation to HRH Premier for patronising the forum, expressing hope that such economic gatherings will boost the role of the private sector. " The Kingdom of Bahrain has long history and prestigious experience in attracting national, Gulf, Arab and international investments, as result of continuous care of its wise political leadership and the creation of an appropriate investment environment in terms of legislations and economic and organizational services. The Kingdom has been dedicated to offer all facilities to investors and was a pioneer among GCC countries in opening its economy to foreign investors, in a wise vision that is aware of the importance of openness and competitiveness to enhance production competency, promote economic growth rates and provide suitable job opportunities for citizens," he said. "The dedication of the Chairman of Federation of Chambers of the Gulf Cooperation Council (GCC) to participate for the sixth consecutive year in organising this important forum comes out of its responsibility to support the success of Gulf economic development and integration programmes. To achieve this goal, the federation works to implement a number of important projects, starting from Bahrain such as the Gulfnization project that aims to create an e-platform to recruit Gulf nationals and the Spring of Experts project that aims to train, rehabilitate and recruit competent and highly experienced retirees," he added. After that the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI) Khalid Al-Moayyad delivered a speech in which lauded HRH the Prime Minister's patronage of the forum. "This patronage is indeed reflective of his keenness in fostering and supporting diversified and productive economic events and activities, and a more attractive and encouraging business and investment environment both locally and internationally and the inception of meaningful individual and joint projects," he said. He added that the "Kingdom of Bahrain provides many of the necessary facilities to investors and businessmen to invest and establish economic projects in various fields, including those that are completely owned by foreign capital, and this is what distinguishes the Kingdom of Bahrain, which has always achieved pioneering positions on its performance along different economic indicators on the International level, for example, the Kingdom of Bahrain is ranked the First regionally on the 2015 index of Economic Freedom, it has also been classified as the world's top twenty countries in economic freedom, as it has been also ranked the 18th according to the annual report issued by the 'Heritage foundation'. Moreover, according to the "World’s Investment Report 2015", announced by "MENA" Investment Center and the EDB, in cooperation with the United Nations Conference on Trade and Development "UNCTAD " states that foreign direct investment (FDI) flowing to the Kingdom of Bahrain has reached $ 957 million in 2014, while the amount of Bahrain’s Foreign Direct Investment inflows for the year 2014 relative to the GDP is 55.4%, this is according to the same report." He also asserted that the main mandate of Bahrain Chamber of Commerce and Industry, the voice of the private sector is to activate and cultivate the role of the business community in supporting the country’s overall economic vision, strategy, and future goals going hand in hand in partnership with the public sector, this is all achieved through encouraging and supporting local investments , attracting foreign investors and investments via exchanging business delegates and prospects among countries , negotiating business opportunities and means of promoting and facilitating investments and business partnerships, signing business agreements and Memorandums of Understanding (MOUs) with business owners and leaders from all over the world, receiving delegates from other international counterparties, and through organizing events and forums. During the opening ceremony, Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa was presented with a commemorative gift by the Industry, Commerce and Tourism Minister for attending the forum on behalf of HRH the Prime Minister. Then, the deputy premier visited the exhibition held on the sidelines of the forum and is allocated for small and medium sized enterprises (SMEs), in line with the ministry's vision and strategy in supporting and developing the sector of SMEs.