Bahrain EDB to boost sus­tain­able in­vest­ment

The Gulf Today - Business - - REGION - BY A STAFF RE­PORTER

MANAMA: The Bahrain Eco­nomic De­vel­op­ment Board (EDB) has won the United Na­tions’ In­vest­ment Pro­mo­tion Award for ex­cel­lence in boost­ing in­vest­ment into sec­tors that will help meet the UN’S Sus­tain­able De­vel­op­ment Goals. The award acknowledges EDB’S work with Amazon Web Ser­vices that is set to launch its first Mid­dle East ‘Re­gion’ in Bahrain in 2019.

The award is yet more recog­ni­tion of Bahrain’s suc­cess in trans­form­ing into a dig­i­tal econ­omy, with the AWS in­vest­ment a cen­tral pil­lar of ef­forts to sup­port long-term eco­nomic growth and the cre­ation of high qual­ity jobs. The in­creased avail­abil­ity of cloud com­put­ing will help Bahrain and other coun­tries in the re­gion de­velop emerg­ing sec­tors, en­hance pro­duc­tiv­ity, and sup­port the growth of start-ups.

Re­ceiv­ing the award at the World In­vest­ment Fo­rum in Geneva, Zayed R Alza­yani, Min­is­ter of In­dus­try, Com­merce and Tourism, and EDB Board Mem­ber said: ‘In line with Vi­sion 2030 the govern­ment of Bahrain has launched ini­tia­tives in hu­man cap­i­tal de­vel­op­ment plac­ing the King­dom on the right track for growth. Bahrain has be­come a hub for dozens of val­ueadded projects fol­low­ing long term plans to at­tract in­vest­ments for in­fra­struc­ture projects, the de­vel­op­ment of leg­isla­tive frame­works and eas­ing the process for in­vest­ment in var­i­ous sec­tors.

Khalid Al Ru­maihi, Chief Ex­ec­u­tive of the EDB com­mented: ‘Work­ing across the pub­lic and pri­vate sec­tors to at­tract in­vest­ment is at the heart of our Team Bahrain ap­proach and was cru­cial in se­cur­ing AWS’ sig­nif­i­cant in­vest­ment.

This award is tes­ta­ment to that, and we are im­mensely proud to have the UN’S In­vest­ment Pro­mo­tion Award recog­nise many years of hard work by the EDB team.’

The col­lab­o­ra­tive ap­proach to ad­dress­ing the needs of overseas in­vestors is il­lus­trated by re­cent reg­u­la­tory re­forms to en­able a con­ducive com­mer­cial environment for all sec­tors, but most no­tably in tech­nol­ogy. For ex­am­ple, im­prove­ments have been made to the reg­u­la­tory environment in­clud­ing up­dat­ing the bank­ruptcy law; in­tro­duc­ing a data pro­tec­tion law; and the re­duc­tion of min­i­mum cap­i­tal re­quire­ments for start­ing busi­nesses.

All im­por­tant el­e­ments for pro­duc­ing a thriv­ing dig­i­tal econ­omy. In­no­va­tive ap­proaches to en­cour­ag­ing growth is a key fo­cus of the UN’S Sus­tain­abil­ity Goals and is il­lus­trated by a num­ber of other ini­tia­tives in Bahrain that were high­lighted by the award’s judges.

Of­fi­cials dur­ing the World In­vest­ment Fo­rum 2018 in Geneva.

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