Bahrain posts an all-time record industrial growth
Bahrain has posted an all time record industrial growth over the last few years. The contribution of the industrial sector in the Gross Domestic Product (GDP) stands at 17 per cent.
“The performance builds on other landmark achievements in the era of His Majesty King Hamad”, His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board chairman said.Chairing the EDB executive committee meeting, he paid tribute to His Majesty for initiating the reform project which ensured Bahrain a quantum leap forward. He cited Bahrain’s legislative, political, economic and industrial development strides.
He also urged more coordination with concerned parties in charge of carrying out industrial projects. “This would streamline the execution of projects to reflect our aspirations, growth momentum and soaring industrial investments”, he said. Industry and Commerce Minister Dr Hassan Fakhro delivered a presentation spotlighting the current industrial trends. He outlined proposed plans aimed at developing Bahrain’s industrial zones. “There is a great need to promote high-value added activities to boost the growth momentum”, Dr Fakhro said. “Embarking on this drive would also require a national workforce with medium and high qualifications”, he added.
He pointed out the Bahrain’s strategic objectives aimed at boosting the volume of industrial investments. Attracting foreign investments and optimising the industrial plots to ensure rewarding dividends are ranked high. Dr Fakhro stressed the need to provide a favourable environment by establishing industrial zones and streamlining measures for Bahraini industrialists. He also warned that the government-owned land earmarked for industrial projects would be exhausted next year.
“The demand on industrial land is now eight-times higher than the supply”, he said. EDB chief executive for operations Kamal Ahmed suggested adding 2.78 square kilometres over the coming three years. “The strategic structural plans allot up to 35 square kilometres to meet future needs in industrial land until 2030”, he said.He pointed out the need to promote infrastructure projects in the government-owned industrial land. He stressed to demarcate areas, plan and provide viable infrastructure and ensure an advanced management model to optimise the industrial zones.
He also urged clear regulations and terms ensuring transparent land distribution, in addition to viable follow up and control.In this regard, HRH Prince Salman gave directives to set up a joint taskforce representing the ministry and the EDB to study these tabled proposals. Housing Minister Shaikh Ibrahim bin Khalifa Al Khalifa updated the session on the infrastructure needed for planned housing projects. He also outlined steps being taken to co-opt the private sector in promoting housing services.
HRH the CP gave instructions to spare citizens any extra costs likely to overburden them. He also urged coordination between concerned parties to ensure the necessary infrastructure for the private sector to start building the housing units. Meanwhile, Labour Minister Dr Majeed Al Alawi addressed the EDB session on steps undertaken to help laid-off employees following the closure of Al Waqt newspaper. HRH Prince Salman gave directives to ensure them new jobs and benefit from their skills in press and media fields. Contacts have already been established with all concerned parties, including the laid-off staff, to protect their rights and ensure the payment of their salaries.
