Fostering innovative economic environment | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Fostering innovative economic environment

TDT | Manama

The Daily Tribune –

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister is regularly sought after as a keynote speaker at international seminars and conferences.

Recent engagements have included The World Economic Forum, Clinton Global Initiative, and the World Islamic Economic Forum. His Royal Highness also hosts the International Institute of Strategic Studies’ annual Manama Dialogue, the region’s leading security summit.

 The World Economic Forum is considered one of the major international economic gatherings, which discuss issues related to enhancing economic cooperation and social welfare as well as reducing global risks to ensure sustainable development.

 The Crown Prince’s participation in this annual event re-emphasizes Bahrain’s respectable international status and active contribution to solving key political and economic issues.

The event also serves as a platform to highlight the kingdom’s various reforms and achievements. Bahrain has a long-standing relationship with the World Economic Forum, and that high-profile Bahraini delegations regularly participate in the World Economic Forum’s annual international meetings in Davos and the MENA region.

One of the key pillars of Bah- rain’s economic strategy is to ensure that sustainable economic development benefits all citizens.

The Kingdom’s decade-long economic reforms have helped to foster an innovative economic environment.

The World Economic Forum’s Global Competitiveness rankings recognise the progress Bahrain has made in developing its regulatory framework, education and training programmes, and overall market efficiency.

On various occasions His Royal Highness Prince Sal- man bin Hamad Al Khalifa has highlighted that the Kingdom remains committed to facilitating investment in key sec-

tors that provide substantial economic returns. His Royal Highness stressed that Bah- rain’s diversification efforts have significantly reduced the economy’s dependency on oil, adding that sustainable development must inform every aspect of regional reform, and that ensuring the stability and security of the region is a key pillar for strengthening regional economies.

Participating in a session on re-considering capitalism at WEF2010, HRH the Crown Prince said the future policy of capitalism should lie on the concept that societies, governments and the business sector have all joint goals and gains and that coordinated efforts between the three parties is the optimum way to achieving economic development in general. Capitalism is the best choice that should be made successful by focusing at this stage on social responsibility and interest through upgrading education and boosting cooperation be-tween the public and private sectors in order the invest in the infrastructure, promote new ventures and ensure transparency of regulatory mechanisms, he said.