BCCI backs smaller cabinet

Manama, Sep.18 (BNA): The directives of His Majesty King Hamad bin Isa Al-Khalifa to form a smaller cabinet in consultation with His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa was welcomed by the business community. Bahrain Chamber of Commerce and Industry (BCCI) commended the formation of the panel which will tackle the impact of the oil price slump, address other obligations and take steps and decisions which would revitalize national financial and economic outlook. BCCI Chairman Khalid bin Abdulrahman Almoayyed hailed the royal initiative which, he said, reflects the leadership’s recognition of the volatile global economic situation as a result of the oil price slump. "The royal step is a major catalyst which would push reforms further, unify Government-led efforts, strategies and development programmes", he said, stressing the role of the smaller cabinet in suggesting the required solutions and alternatives to address the challenges facing the national economy amid abnormal global outlook. He paid tribute to HRH the Premier for his wisdom and expertise, commending the development competences of HRH Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier. Almoayyed stressed the importance of building any new economic policies on consolidating the pivotal role of the private sector as an effective partner in drawing-up current and future policies. "The private sector will always assume its responsibility in supporting the national economic efforts in tune with the aspirations of the leadership to preserve gains and build on achievements", he said. He voiced his confidence that the smaller cabinet would take ambitious economic decisions which take into account the current situation so to as to maintain Bahrain’s sustainable development march. He stressed the need to open all channels of communication between governmental departments and private actors, including the chamber, so as to come out with a clear strategy for Bahrain’s present and future and bolster the adaptability of the national economy with domestic and external trends and challenges.