HRH the Crown Prince and Prime Minister reviews 2020 performance of EDB
TDT | Manama
The Daily Tribune – wwwnewsofbahrain.com
His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister and Chairman of the Economic Development Board (EDB) today chaired the EDB board meeting, held remotely.
During the meeting, HRH stressed the importance of economic diversification efforts as a means to further enhance the sustainability of the national economy and help capitalise on the Kingdom's economic resilience. This economic resilience, as well as other national competencies, has allowed the Kingdom to navigate its way through a variety of global challenges, HRH noted.
HRH added that the unprecedented economic stimulus package launched following directives from HM the King to mitigate the impact of COVID-19 played a crucial role in enhancing recovery efforts and continuing positive growth for various vital economic sectors.
HRH also indicated that the Kingdom of Bahrain has taken careful, balanced steps to manage the impact of COVID-19 on the community and the economy. Precautionary and preventative measures founded on community awareness and cooperation, and continuing to allow movement for living necessities and commercial and economic activities and maintaining open borders for travellers, has managed to have a clear impact on reducing COVID-19 repercussions on all levels.
HRH emphasised that the Kingdom will continue to achieve its desired goals with the collective spirit of Team Bahrain and its members, and will continue to implement wide-ranging economic strategies and attract direct investment in developing the national economy. This will in turn enable the private sector to play a greater role in economic growth, create further job opportunities for citizens and enhance the Kingdom's economic and investment position both regionally and globally.
In this regard, HRH noted that Bahraini citizens will continue to remain at the heart of all development plans and praised the EDB’s success in attracting direct investments during 2020 whilst emphasising the importance of advancing these efforts, in line with the Kingdom’s ambitious development plans.
HE Khalid Ebrahim Humaidan, Chief Executive of the Bahrain EDB, then addressed board members on the impact of the global pandemic on the international economy, and presented the latest economic indicators and developments regarding the performance of the Kingdom’s national economy and investment position.
HE Humaidan then went on to highlight the EDB’s performance in 2020, noting that the EDB exceeded its goals by attracting 333 million Bahraini Dinars (885 million USD), which is expected to create more than 4,300 jobs over the next three years. HE Humaidan further highlighted the continuous growth of accumulated investments in the Kingdom over the past ten years, the stock of which saw a growth of around 1 billion USD annually.
HE Humaidan also showcased a number of the most prominent local, regional, and international investments in the Kingdom, including from GCC, European, and Asian companies. These companies invested in several major sectors including financial services, manufacturing, logistics and retail services, education, healthcare services, real estates, tourism, and ICT.
According to the UN Conference on Trade and Development (UNCTAD) and the International Monetary Fund (IMF), the size of accumulated direct investments compared to the Kingdom’s GDP in 2019 was around 78%, double the world average of 42%.