Hassan Al -Sitry
The Parliamentary Financial and Economic Affairs Committee approved the proposal of a law on encouraging qualitative investment in the Kingdom of Bahrain, as it aims to support advanced industrial projects in the advanced and future fields, and to create promising job opportunities for citizens in the industrial sector.
The objectives of the proposal include supporting the transformation of the industrial sector towards the fourth industrial revolution and future industrial projects in the fields of renewable energy, cybersecurity, artificial intelligence, etc., increasing the contribution of the industrial sector to the gross domestic product, increasing the exports of the national industrial sector, developing the quality of industrial products in a way that enhances its competitiveness in foreign markets, and contributing to the development of the private sector to make it the engine of economic growth in the Kingdom, and the development of Non -oil sectors.
For his part, the Economic Development Council emphasized the following points:
1. The economic recovery plan, which was launched in 2021 AD, included the priority of developing promising sectors, aiming to support the growth of the non -oil GDP of the Kingdom of Bahrain, where a number of promising sectors in this field were limited to priority sectors, after preparing extensive studies for the Bahraini market. 2. Strategies were launched for each of the promising sectors for periods of 2022 AD to 2026 AD, each of which included perceptions of the sub -sectors. 3. The Council plays a role in attracting direct investments, as a strategy has been developed to promote investment in the basic and subsidiary economic sectors that are in line with the Kingdom’s priorities and the economic recovery plan. The Kingdom of Bahrain has succeeded in attracting investments and attracting investors’ interest in many priority sectors, which reflects the extent of their attractiveness and the success of the esteemed government’s plan to facilitate commercial measures and increase their effectiveness to attract investments. 5. Emphasizing that the overall advantages and incentives contained in Article (3) of the proposal by a law are originally established under the laws and legislations in force in the Kingdom of Bahrain.6. The vast majority of foreign investments enjoy the benefits, protection and exemptions, according to the international bilateral agreements that the application concluded by the Kingdom of Bahrain, where nearly two hundred and fifty bilateral agreements were concluded in the two fields Economic and Commercial. 7. Emphasizing the importance of preparing specialized studies to determine the extent of the proposal of a law with the direction of the Kingdom of Bahrain to expand the investment base and fill the gap in the resources and capabilities that may not be available to government agencies.
