The investment promotion agency of the Kingdom of Bahrain surpassed targeted investment by attracting a whopping close to 1 billion USD in foreign direct investment in 2020, notwithstanding the antagonistic monetary effect of Coronavirus pandemics.
It was reported in press instructions after an executive gathering of the Economic Development Board (EDB) led distantly by His Royal Highness Prince Salman receptacle Hamad Al Khalifa, the Crown Prince Prime Minister and EDB chairman.
The EDB pulled in USD 885 million as a foreign investment a year ago that would make in excess of 4,300 livelihoods during the following three years, the board detailed.
Accumulated investments in the kingdom over the past 10 years continued to grow touching around 1 billion USD annually.
The quantum of accumulated foreign direct investments as a level of the realm’s GDP in 2019 was around 78%, practically twofold the world normal of 42% according to reports distributed by UN Conference on Trade and Development (UNCTAD) and the International Monetary Fund (IMF). FDI in Bahrain remained at 28.9 billion USD in 2019, according to UNCTAD information.
During the gathering, His Royal Highness Prince Salman repeated the significance of monetary enhancement in non-oil organizations as a proportion of supporting and developing the public economy that can help capitalise the country’s financial strength.
This financial flexibility, just as other public capabilities, permitted the realm to explore its way through an assortment of worldwide difficulties, His Highness accentuated.
His Royal Highness Prince Salman likewise called attention to that the economic stimulus package reported has surpassed all previous packages dispatched following orders from His Majesty King Hamad. The monetary improvement has been planned to moderate the unfriendly financial effect of Covid-19 and assumed a vital part in advancing recuperation and supporting positive development across medical care and a few other fundamental economic sectors.
He likewise commented that Bahrain has taken convenient, cautious and adjusted activities to reduce the effect of the pandemic on the local area and the nation’s economy.
Preparatory and preventive estimates dependent on local area awareness and co-activity, while proceeding to permit development for the day by day necessities and business and financial exercises and keeping up open boundaries for voyagers, obviously affected decreasing Covid-19 repercussions at all levels.
HRH Prince Salman paid attention to government bodies on actualizing wide-going financial systems and draw foreign investment in building up the public economy.
This will in turn allow the private sector to function more effectively in economic growth, create vacancies for people and grow the place’s economic and investment position both domestically and internationally.
During the meeting, EDB’s chief executive Khalid Humaidan informed board members about the latest economic indicators and developments regarding the performance of the national economy and investment position.
H.E. Khalid Humaidan said, “Despite the challenges faced across the globe due to COVID-19, we were able to continue the momentum from 2019, attracting hundreds of millions of dollars in investment from around the world.
“Investors are increasingly turning to the region’s tried-and-tested business environment, where our commitment to building a pro-investor ecosystem is backed up by robust regulation. This, and our longstanding economic diversification efforts, show Bahrain is focused on enabling growth in a wide range of sectors,” he also added.
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