Bahrain is currently focusing on upgrading the performance of five sectors that will give the Gulf state a competitive power on regional and world stages.
Bahrain is bringing together its national efforts on boosting its financial, tourism, light industry, logistics and technology sectors, said Bahrain Economic Development Board CEO Khalid Al Rumaihi. He stressed the importance of continuing economic reforms despite improved oil rates- a longtime source of income for Gulf countries- and that there should be no significant reliance on oil, and the private sector should be encouraged to strengthen economic growth.
Rumaihi said that the financial sector, 400-institutions strong, is one of the country’s large sectors. “We believe that Bahrain will play a leading regional role in financial technology,” while saying that the second sector to receive most of the state’s attention is tourism sector, which brings to the country 12 million visitors annually. He said that investment in hotels and resorts is highly encouraged, revealing that the government plans to boost the development of additional coastal resorts and create maritime infrastructure.
Land plots will be offered at promotional prices.
The third sector to receive state care is light industry sector, which is less capital-intensive than heavy industry, and whose products are distributed regionally.
Bahrain has a highly competitive advantage drawn from its international agreements and proximity to a huge market such as the Saudi market, Rumaihi said on the country’s light industry products and services being exported.
The logistics sector is the fourth sector to be focused on, while the fifth sector is in technology, also a promising sector. Rumaihi said that Saudi Arabia has been a trailblazer for economic diversification for other Gulf states that draw inspiration from the Kingdom’s plans for economic reform.