A new initiative to encourage Bahraini and expatriate businessmen to reinvest their profits locally was launched yesterday to boost the national economy.
It aims to encourage the business community to diversify their operations within Bahrain, instead of investing abroad. The Bahrain Asian Traders Committee (BATC) at the Bahrain Chamber of Commerce and Industry (BCCI) is spearheading the initiative, saying it would create more jobs and promise greater returns.
“This is the best time to invest in Bahrain with business friendly laws such as 100 per cent foreign ownership in tourism, information technology, medical services and other sectors,” said BATC chairman Mohammed Sajid. “For years, Asian and Bahraini businessman have made profits and we want them to reinvest this in Bahrain rather than looking abroad. “We need to revive the Bahraini economy and create new job opportunities, which can only happen if there are investments in projects.”
He was speaking during a press conference yesterday to announce the scheme, which will be discussed with more than 400 businessmen during a forum on Monday at the BCCI, in Sanabis.
The Reinvest in Bahrain forum will be held under the patronage of Industry, Commerce and Tourism Minister Zayed Al Zayani with participation of embassies, the Economic Development Board (EDB) and businessmen. “There is no doubt the economy is slow, but if we can get all the businessmen to pool their profits to support small and medium scale industries – or even set up new business units – then things will turn around,” said Mr Sajid.
“No-one is leaving Bahrain, shutting down their operations, which indicates the economy is much better than neighbouring countries where we read regular reports of thousands of construction workers not paid.” Mr Sajid said even developed countries required Foreign Direct Investment (FDI) to sustain their economies, but the BATC wanted local businessmen to circulate their capital internally. He highlighted that the cost of operating a business, from getting a Commercial Registration to renting an office, in Bahrain was the cheapest in the region.
During the meeting, he pledged the BATC would help local businessmen reinvest in different sectors in Bahrain in co-ordination with the EDB. “A delegation will soon visit different Asian countries and hold road shows in South Korea, the Philippines, Sri Lanka and other Asian countries to promote Bahrain as an ideal investment destination,” he added. BATC vice-chairman Manoj Bhatia, who co-chaired the meeting, said the first “Gateway to the Arabian Gulf” forum was also being planned – with expected participation by investors representing close to 20 Asian countries.
