Heba Mohsen
In the context of Bahrain’s endeavor to achieve economic diversification and enhance sustainable growth, businessmen and economists unanimously agreed that the speech of His Majesty King Hamad bin Isa Al Khalifa, the country’s great king, is a beacon of direction towards developing the industrial sector. His Majesty stressed the importance of innovation and knowledge as foundations for achieving sustainable development.
They agreed that the industrial sector today faces great challenges that require concerted efforts between the government and the private sector to adopt effective strategies that contribute to enhancing competitiveness and achieving national goals.
Representative Ahmed Al-Saloum said: “His Majesty the King’s speech today emphasized that industry is the basic pillar that will contribute to the development of the national economy, and thus create jobs for citizens.” He added: “His Majesty the King urged in his speech the necessity of cooperation between the executive authority and the private sector to develop Bahraini industries. We believe that there are great opportunities in this field, and we take this message seriously.”
Al-Salloum stressed the importance of developing laws and legislation that contribute to the localization of Bahraini products and industries. He said, “We intend, God willing, through the House of Representatives, to present a set of proposals that support this trend. Pointing out that the localization of Bahraini industries is the way to achieve the required economic growth, which will provide job opportunities and strengthen our presence in the region.
Al-Salloum pointed out that these industries will contribute to achieving the Kingdom’s development goals, expressing his optimism about the future of industry in Bahrain and its role in achieving sustainable development. For his part, Chairman of the Industry and Energy Committee at the Bahrain Chamber of Commerce and Industry, Farid Badr, said: “What His Majesty King Hamad bin Isa Al Khalifa, King of the country, said in his lofty speech before the Shura and Representatives Councils clearly embodies the insightful royal vision for the future of the national economy based on science, knowledge and industrial innovation as basic pillars of economic diversification and achieving sustainability.”
He added, “We, in the Industry and Energy Committee of the Bahrain Chamber of Commerce and Industry, see this royal directive as a clear road map for the next stage, calling on us to enhance our investments in industrial sectors with high added value, and to integrate technology and artificial intelligence into production lines and shift towards smart industry.” He continued: “We also stress the importance of accelerating the development of industrial and service infrastructure to be attractive to local and foreign investments, with a focus on renewable energy and resource efficiency in line with the Kingdom of Bahrain’s goals to reach carbon neutrality by 2060.”
For his part, businessman Walid Kanoo said: “Since His Majesty King Hamad bin Isa Al Khalifa, the Great King of the country, assumed the reins of power in the Kingdom, the focus has been on the importance of diversifying the Bahraini economy away from traditional dependence on oil and its derivatives. This approach was necessary to develop the country and achieve economic sustainability.” He added: “Great steps have been taken in many areas, such as developing financing and logistical systems, and strengthening Bahrain’s position as an important financial center in the region. These efforts form a strong foundation for the future.”
Kanu stressed the importance of education in this context, saying: “We live in a world that requires students to be qualified to take advantage of future opportunities. We must focus on areas such as artificial intelligence, cybersecurity and other modern areas.” He noted that the royal vision aims to prepare the Bahraini citizen to be qualified to face future challenges, which contributes to raising Bahrain’s position in various fields, stressing the need to have an ambitious vision in line with the aspirations of His Majesty the King to achieve development and growth, indicating that this vision is the basis for achieving a bright and prosperous future for Bahrain. For his part, businessman and member of the Board of Directors of the Bahrain Chamber of Commerce and Industry, Ahmed Yousef, said: “Industrial diversification is a vital step towards achieving economic sustainability and enhancing competitiveness in the Kingdom of Bahrain.”
He added that diversity in industries helps reduce dependence on one sector, which reduces the risks associated with market fluctuations. He pointed out that developing multiple industries contributes to creating new job opportunities, which strengthens the local economy and increases the standard of living. Youssef said that industrial diversity encourages innovation and technological development, as companies compete in various fields, which leads to improving production efficiency and exchanging experiences between different industries. He stressed the importance of meeting changing market needs, noting that diversity can help enhance the ability to respond to demand. He pointed out that better sustainability is achieved through diversifying industries, which contributes to better use of natural resources and reducing environmental impact.
For his part, Vice Chairman of the Board of Directors of Gulf Singapore Bank and member of the Board of Directors of the Economic Development Board, Ali Musa, said: “His Majesty’s insightful vision highlights the importance of focusing on the path of scientific and cognitive development to enhance empowerment and industrial and productive diversification. This speech represents clear evidence of Bahrain’s commitment to achieving sustainable economic growth, reduces dependence on traditional sources such as oil, and enhances the role of the industrial sector as an essential source of the national economy.” He added, “In the Kingdom of Bahrain, the industrial sector constitutes a mainstay of the economy, as it contributes in large proportions to the growth of the gross domestic product. With the increase in non-oil sectors, which now constitute more than 80% of the economy, the digital economy is expected to grow significantly over the next two years.”
In turn, the President of the Bahraini Contractors Association, Khalaf Hujair, confirmed that the supreme speech of His Majesty King Hamad bin Isa Al Khalifa, King of the country, embodied an insightful and ambitious vision for the future of the national economy, consolidating the foundations of a national economy based on science, knowledge and industrial innovation as basic pillars of economic diversification and achieving sustainability. He explained that the royal directives constitute a clear roadmap for the next stage, calling on all components of the economic sector, including the Contractors Association, to redouble efforts and focus investments towards industrial sectors with high added value.
