By Fatima Al Najem
Manama, Aug. 16 (BNA): Bahrain Chamber (BCCI) today announced the launch of four programs as part of its community initiatives based on firm belief in the importance of teamwork between the private sector and the government.
At a press conference, Bahrain Chamber said that as a private entity, it believes in the importance of community partnership to achieve the principles of the comprehensive development process launched by HM King Hamad bin Isa Al Khalifa.
The support the chamber receives from the government confirms the interest of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, in strengthening the role of community partnership as an essential pillar for a comprehensive and sustainable development, it said.
The four programs announced by the chamber are providing job opportunities within the alternative sanctions program, the “Try to work” program that targets school students aged between 14-18, the “Traders” program for training entrepreneurs, and the “Economic impact incubator” program that aims to educate parliament candidates on economic affairs.
The programs aim at strengthening the role of social responsibility of the business community in nurturing young people for the labor market and training entrepreneurs to create a sustainable strategy that contributes to achieving Bahrain Economic Vision 2030.
BCCI Chairman Sameer Nass stressed the chamber’s strategy to support young entrepreneurs and, at the same time, to focus on the 10 specialized economic committees that the chamber has built and developed since 2018.
Nass pointed out that the committees cover hospitality and tourism, commercial markets, health sector, transportation and logistics, finance, insurance and taxes, education and training, real estate and construction, food sector, technology and Fintech, industry and energy.
Member of Bahrain Chamber’s Board of Directors Sonia Janahisaid that the presence of the permanent committees facilitated the process of dividing the work to serve the market, including startups and SMEs.
"Our main goal is that the committees work as a team, as each sector needs education, training, logistics, consultation, insurance, technology,” she said.
“Our role as members is to gather all these committees under one umbrella, which is Bahrain Chamber, to achieve the goals of the Bahrain Economic Vision 2030, that stipulate that the private sector should be able to drive economic growth in Bahrain independently.”
Nass highlighted the great contribution of the private sector to achieve the post pandemic economic recovery plan and praisedthe great result of growth by the non-oil sector.
Bahrain Chamber’s Q2 report showed a remarkable growth in the volume of intra-regional trade between Bahrain and the GCC countries during the first half (H1) of 2022, at a rate of 14% compared to the same period in 2021.
Saudi Arabia came at the forefront, as the volume of trade exchange between the two kingdoms increased from $1.57 billion in H1 of 2021 to $1.90 billion in the H1 of 2022, achieving a growth of 21.1%.
The report confirmed that the flow of foreign direct investment in Bahrain increased significantly in 2021 by 73% to reach $1.77 billion in 2021, as Bahrain achieved advanced ranks in various global indicators.
They include the Global Competitiveness Yearbook 2022 issued by the Center for Global Competitiveness of the International Institute for Management Development, the Travel and Tourism Development Index 2021, and the Global Startup Ecosystem Report 2022, which indicates the increasing competitiveness in Bahrain and its business-friendly environment.
The course of economic recovery in the Kingdom during Q2 of 2022 reflected positively on the Kingdom’s economy, as the economy recorded growth in the non-oil sectors, and the GDP increased by 5.5% in Q1 of 2022 on an annual basis, driven by the growth in the hotel, restaurant, transportation and communications sectors.
The financial sector had the largest contribution to the GDP in Q1 of 2022 at 17.39%, and the recovery in oil and aluminum prices contributed to the improvement in Bahrain’s economic performance.
S&P Global Ratings affirmed the credit rating of Bahrain at B+/B with a stable outlook.
The report confirmed that the initiatives of the esteemed government of Bahrain have greatly contributed to its economic recovery.
Bahrain Chamber noted that Bahrain has completed 16 programs out of 27 within the economic recovery plan, and this included major initiatives such as the launch of the golden residency visa, which aims to attract investors.