Forum chance for investors

Bahrain is going all out to woo investors from the neighbouring Gulf countries and abroad by hosting a major forum next month.

The Invest in Bahrain 2011 has been organised by the Ministry of Industry and Commerce and will be held on October 19 at the Bahrain International Exhibition and Convention Centre under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.

The event is being held in association with the Bahrain Chamber of Commerce and Industry, Economic Development Board, Tamkeen, Federation of the Gulf Chambers of Commerce, Islamic Development Bank and Union of Arab Banks.

Officials said that one of the major highlights of the event, which has been an annual feature in Bahrain’s business calendar for the last six years and had attracted more than a thousand delegates last year, will be the launch of a specially-prepared booklet highlighting the sectors that Bahrain is keen on inviting investment in.

Officials say there are plenty of opportunities available in various sectors including industrial services, textiles, aluminium, boat construction, automotive spare parts and electrical appliances. The booklet will also be providing information on the support provided by the authorities in establishing a business in the kingdom.

Aziz Ali Alka’abi, director of industrial development at the Ministry of Industry and Commerce, said that he believes Bahrain is offering the right environment and opportunity for all types of investors and entrepreneurs. He said: “Bahrain is one of the freest economies in the region and through this forum we will be outlaying the facilities and assistance that Bahrain could offer to an investor in general.

“We have signed a Free Trade Agreement with the US which is a big advantage to the kingdom. In addition, we are a tax haven. There are also exemptions of custom duty for spare parts and machines.

“The ministry is also working hard to realise an export promotion centre that will be located in Bahrain to assist investors.

“We have commercial land that can be offered to investors at subsidised rates. We are confident of providing very competitive rates for investors and are confident that this is a safe and desirable place for investors to establish businesses in.”

Abdulrahim Hasan Naqi, secretary general of the Federation of the Gulf Chambers of Commerce, added: “We have excellent infrastructure in Bahrain. Through our location we can provide excellent logistics for conducting business in all the six Gulf countries.

“We are the least bureaucratic among the GCC countries. One of our main objectives is to attract good businesses and also help provide jobs for the Bahraini people.

“Along with a good business environment we can provide a good lifestyle. We offer a good return on capital in comparison to many other economies. I believe investing here is currently safer than investing in Europe or America.”

The first Invest in Bahrain forum was held in 2003 where the primary focus was to promote the metallurgical industry, especially aluminium. Two years later, through the forum, authorities promoted the petrochemicals, plastics and food packaging industry. Electronics, knowledge-based industries such as financial and Islamic banking swiftly followed.

Businessmen in Bahrain and abroad can contact the ministry on 17568028 for details.