HRH Prince Salman Stresses Bahrain Economic Growth Potential

Bahrain’s national economy is poised to post a five per cent rate of growth in 2012. His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board chairman, portrayed the positive outlook during the Clinton Global Initiative meetings in New York.

“Bahrain has all the growth credentials despite the festering repercussions of the global financial crisis”, he told CNBC World reporter Maria Bartiromo.”Bahrain’s economy grew by 3.3% last year which is a positive achievement itself”, he said, forecasting the rate of growth to top 4% this year.He pointed out that Bahrain aspires to exceed 5% by 2012.HRH Prince Salman described Bahrain as value added for investments and a long-term partner for business.

“We believe that Bahraini human resources are among the best trained workforce in the regional and most motivate and assiduous”, he said, stressing Bahrain’s resolve to continue diversifying its economic sectors.”We have to brace for the end of the oil age, promote Bahrain as centre for services, invest in human resources  and diversify our economy and compete globally”, he said.HRH Prince Salman outlined Bahrain’s potential to spur higher growth the financial sector, which contributes, at present, by 27% in the Gross Domestic Product (GDP)., compared with 16% for the industrial sector.

“Bahrain can in invest in the sources of energy and boost its production of highly-prized materials, such as the aluminum”, he said, urging all countries in the region to work hand in hand to seize the investment opportunities and ensure viable dividends.”All countries in the region have to realize that ca no longer build isolated societies or economies”, he said, stressing Bahrain’s drive to spur growth and invest in promising sectors to ensure fast growth and higher productivity.