EDB unveils strategy to develop subsectors, attract investors

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Economic Development Board unveiled a strategic plan yesterday that focuses on subsectors for developing the Kingdom’s logistic sector, which is on the cusp of disruption.

The announcement comes soon after the Kingdom unveiled a brand new “Logistics Services Strategy” the other day.

The strategy sees Bahrain among the top 20 countries in the logistics sector by 2030 and logistics contributing 10% of GDP.

EDB said they would focus on subsectors offering companies “strong competitive” advantages to support this strategy.

The goal, EDB said, is to develop integrated logistics services (3PL), courier and express services, niche logistics services, eCommerce forward deployment centres that complement the growth of eCommerce within the region.

“The goal is to continue attracting investors to the logistics sector, which is poised to change the economic landscape of the Kingdom in the next few years,” EDB said injecting further energy to the sector where the excitement is already sky-high.

The move, EDB said, will boost the comprehensive development led by His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Prime Minister and Crown Prince.

 Several factors favour Bahrain in its journey as an ideal logistics base for companies.

“Strategic location, business-friendly environment, and advanced logistics infrastructure are some amongst them,” said Khalid Ebrahim Humaidan, CEO of the Economic Development Board.

“The sector is a key component of the National Economic Recovery Plan and is at the heart of our strategy,” he added.

“With its multiplier effect on various industries, logistics support growth and benefits from the manufacturing, transportation, and eCommerce sectors while creating opportunities in tourism and ICT.”

The “ideal location, size, infrastructure, and competitive costs here will allow operators to bring their supply chains closer.

“This would help companies save time and money and make Kingdom their ideal hub to access key markets in the region and beyond.”

“For this, we will work closely with private and public sector players to grow this sector,” he said.