Arrackal Alexander M
Manama , Oct. 19 – (BNA): The Kingdom of Bahrain’s gross domestic product (GDP) expanded by 80 per cent and its employment has grown by 130 per cent. In 2014 Real Gross Domestic Product is expected to be around 4 per cent. Bahrain’s excellence can be attributed to its most important characteristic of trained local manpower, said the Minister for Commerce and Industry, Dr Hassan Al Fakhro.
Opening the ninth edition of Invest in Bahrain, an event held under the patronage of His Royal Highness, the Prime Minister, Prince Khalifa bin Salman Al Khalifa, the minister said the event showcases many feasible investment opportunities. “We have focused on 56 projects this year,” he said.

The opportunities, the minister said, are in the metal, plastics, glass panelling, aluminium and other small and medium industries. At this edition, the key industry is glass paneling. The fiberglass sector holds bright potential and the initial steps have already borne fruit in the Salman Industrial City, he said.

The country’s exports have grown significantly, with revenue from non-oil exports recording 229 per cent growth, Dr Fakhro said. The manufacturing sector witnessed 4.7 per cent increase last year. Investment in 2013 thus reached around $1 billion, the minister said. During the last decade, the total was $18 billion, representing 55 per cent of the GDP.

The Bahrain International Investment Park in Salman Industrial City, launched by His Royal Highness the Crown Prince, caretaker of the economy, has attracted $2 billion – 85 per cent of which is direct foreign investment. The vision and perseverance of the government in expanding the economic foundations and reinforcing the infrastructure, with focus on the industrial sector, will play a key role in achieving further prosperity, said the ministry.

Expressing optimism the minister said that the economy and industry in Bahrain is entering a distinct phases. The major Industrial and Economic City will be a success in the foreseeable future.
Among the incentives for those investing in Bahrain, is the Free Trade Agreement with the United States that gives an investor, particularly from the industrial sector, many opportunities to enter the largest market in the world without US taxes, Dr Fakhro said.

Bahrain, he said, also occupies a noteworthy financial position, especially in Islamic banking.

In his keynote address, Abdulrahman Mohammed Al Baker, Executive Director – Financial Institutions Supervisional the Central Bank of Bahrain, said a robust financial sector contributes 17 per cent to the GDP of the national economy. The nation has 26 Islamic banks, eight takaful and 92 Re-Takaful companies.

Islamic investment funds’ assets under management is $17 billion, he added.