Global Arab Network | Bahrain boosting competitiveness and promoting economic performance

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Bahrain boosting competitiveness and promoting economic performance

Global Arab Network - - Rabih Serrai

Tuesday, 31 May 2011 01:22

Bahrain boosting competitiveness and promoting economic performance

Global Arab Network - Bahrain is to step up efforts to boost its competitiveness and promote economic performance.

Bahrain Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday instructed authorities concerned as he chaired the weekly Cabinet meeting at Gudaibiya Palace.

He issued directives to launch trade, economic and investment incentive packages.

He urged more efforts to improve Bahrain's financial ratings, taking into account development, economic freedom, competitiveness and governance indices.

The session approved the final results of the consolidated budget for the fiscal year ending on December 31, 2010.

It also approved a report on the execution of the 2010 budget and referred it to the legislature.

The Cabinet noted with satisfaction the tangible growth of revenues and the reduction of expenses, rate of inflation and budget deficit.

The Premier instructed all ministries and government departments to notify the ministerial committee for financial and economic affairs in case they had exceeded their allocated budgets.

A role model for nations

Designed programme that helps aspiring entrepreneurs and investors establish small and medium enterprises (SMEs) is set to further expand across the Asian continent.

Ten countries in Asia are set to sign up for the Enterprise Development and Investment Promotion (EDIP), also called the "Bahrain Model".

"This is a major development and a shot in the arm for Bahrain as, within the next year, the programme will have been implemented in 32 countries," said Bahrain's United Nations Industrial Development Programme (Unido) Investment and Technology Promotion Office (ITPO) head Dr Hashim Hussein.

He was speaking as 26 representatives from the 10 new joining countries started a five-day training session at the Unido headquarters in Diplomatic Area yesterday.

Dr Hussein said the Islamic Development Fund-financed programme was already active in 22 countries across the globe.

"The programme prepares participants on how to develop and enhance SMEs and develop best practices," he said.

The 'train the trainer' course will familiarise participants from Pakistan, Afghanistan, Malaysia, Brunei, Turkey, Turkmenistan, Kazakhstan, India, Tajikistan and Azerbaijan on the programme.

Arab Regional Centre for Entrepreneurship and Investment Training (ARCEIT) council of trustees chairman Shaikh Ebrahim bin Khalifa Al Khalifa said the EDIP methodology was testimony to the level of resolve and commitment that has gone into providing support to entrepreneurs.

"This Bahrain Model has already been implemented in 22 countries across the globe, including economic giant such as China," he said.

Global Arab Network

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