Drive to make Bahrain major investment hub

BAHRAIN aims to become a major hub for regional and international investments, Industry and Commerce Minister Zayed Al Zayani said yesterday.

The ministry is focusing on further developing the national economy by streamlining foreign investment procedures and creating job opportunities for citizens.

"Bahrain has always been an open economy for foreign investment. Our challenges are centred around the existing set of laws and legislation, both on national and international front," he said.

"However, the way forward is for all parties to collectively support development of Bahrain's economy by etching a solution that will further cement its position as an ideal investment destination."

The minister was speaking during the 'At the majlis' session hosted by Capital Club at Bahrain Financial Harbour. The event was attended by a number of decision-makers from the economic and financial sector.

The minister also discussed the national strategy to boost tourism and commerce sectors.

"The growth of tourism industry in Bahrain is driven by two main pillars; investing in tourism projects and keeping abreast with regional and international trends.

"Bahrain has two key elements; the rich history that dates back to 5,000 years and the renowned hospitality and warmth of its people, which play a vital role in driving the national tourism strategy forward.

"The government will focus its efforts on developing a holistic approach and building the infrastructure required to attract and support local and international investors," Mr Al Zayani said.

 Mr Al Zayani yesterday received Russian Ambassador Vagif Garaev and discussed trade and investment co-operation. He also stressed the role of private sector in boosting ties.