Bahrain tops league for foreign direct investment
Ranking cements the Kingdom’s appeal as a regional business centre
24 September 2008, Manama, Bahrain – Bahrain’s position as a regional leader for foreign investment has been confirmed after it was ranked number one in the GCC for inward foreign direct investment in the World Investment Report announced today at the United Nations Conference on Trade and Development in Geneva. The report was regionally launched from Bahrain and was hosted by the Economic Development Board and MENA OECD Investment Centre.
Bahrain – internationally recognised as having the most open and liberal economy in the Middle East* - was rated above fellow GCC states of UAE, Qatar, Oman, Saudi Arabia and Kuwait by the 2008 World Investment Report, which ranks countries by the Foreign Direct Investment they receive relative to their economic size.
The announcement builds on Bahrain’s reputation as the most attractive country in the region for foreign investment due to the economic reforms that have been introduced in recent years to diversify the economy and encourage private sector growth, creating the best business conditions for international companies looking to establish a Gulf presence.
Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board commented: "This report reflects the great strides Bahrain has made towards modernising and liberalising our economy, with substantial investment in creating sustainable industries and economic activities such as the automotive, telecoms and financial services sectors. Bahrain is proud of its record as a leading destination for business and finance. It is the gateway to the Middle East and we will continue to forge a diverse, vibrant economy fully equipped for the demands of the world economy in the 21st century.”
The roots of Bahrain’s success lie in its unique social and economic attributes: the Kingdom’s economy is recognised as the most free and diverse in the Middle East and its society as the most liberal, together with its strategic location in the Gulf allowing rapid access to Qatar and Saudi Arabia and strong trade links with booming South Asian economies. Bahrain is ideally suited to foreign companies looking to access lucrative Gulf markets It is distinctions such as these and its skilled Bahraini workforce and cost competitiveness that make Bahrain a primary destination for foreign business, foreign investment and expatriates.
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*Index of Economic Freedom 2008, published by The Heritage Foundation and The Wall Street Journal and Beyond Oil, The Conference Group July 2008.
Notes to Editors:
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics and health, education and training.
More information on the Bahrain EDB is available on the Bahrain EDB’s website on www.bahrainedb.com
EDB Mission Statement
Our mission is to grow and diversify Bahrain’s economy by developing a strategy that supports the advancement of a modern and liberalized business environment, encourages inward investment and enables us to compete in the global marketplace.
We are dedicated to raising living standards by creating greater opportunities for our citizens and to make Bahrain the Gulf’s most welcoming, business friendly location. We will accomplish these goals by working in partnership with the public and private sectors, and by being passionate, professional and innovative in all that we do.
For more information, please contact:
Georgia Dempsey
Weber Shandwick
gdempsey@webershandwick.com
+44 207 067 0749