Bahrain EDB to boost sustainable investment
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.