Following the announcement of the Kingdom’s Economic Recovery Plan, initiated by the directives of His Majesty King Hamad bin Isa Al Khalifa, and following the approval of the plan by the Cabinet, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, His Excellency Khalid Ibrahim Humaidan, the Chief Executive of the Economic Development Board (EDB), announced the Board will be focusing on several initiatives aimed at furthering economic growth and contributing to attracting direct investments across vital economic sectors to achieve the objectives of the plan.
The Economic Growth and Fiscal Balance Plan aims to create quality jobs and enhance Bahrain’s economic competitiveness.
HE Humaidan noted that the plan aims to attract USD $2.5 billion in direct investment by 2023.
The Chief Executive said the Board has successfully attracted increased investment between 2019-2020, indicating that the recovery plan prioritises supporting key sectors to boost economic development. The sectors include oil and gas, tourism, logistics, financial services, telecommunications, IT and digital economy, and manufacturing, in addition to launching Tamkeen’s new programs to stimulate medium and small companies in these sectors.
The Chief Executive said that the development of these economic sectors will diversify the national economy and support its growth.
HE Humaidan expressed confidence that the successful implementation of Bahrain’s economic recovery plan will be facilitated by its highly qualified and skilled workforce.