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H.R.H THE CROWN PRINCE STRESSES THE IMPORTANCE OF ECONOMIC COMPETITIVENESS IN LATEST EDB BOARD MEETING

April 02, 2017
Manama, 2nd April 2017:  His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB) chaired the EDB’s board meeting at the organisation’s offices in Bahrain Bay. At the meeting, His Royal Highness stressed the importance of strengthening the Kingdom’s competitive position through implementing initiatives to enhance the business environment and attract investment into the Kingdom. 
 
Ensuring the Kingdom’s competitiveness is vital to maintaining sustainable economic development, allowing for the creation of high quality jobs for Bahrainis, which is one of the EDB’s core principles stemming from the Kingdom’s Economic Vision 2030.
His Royal Highness also highlighted the Kingdom’s numerous achievements, demonstrating the importance of continuing to develop the infrastructure that enables key sectors of the economy to enhance their performance.
 
His Excellency Khalid Al Rumaihi, EDB Chief Executive, presented the latest economic developments and the EDB’s initiatives in collaboration with relevant Ministries and Authorities that aim to enhance competitiveness. Developments include the introduction of a new bankruptcy law, the improvement of the commercial dispute resolution process, and initiatives facilitating the commercial registration process, all of which make registration more efficient, improve the judicial system, and support the SME sector.
 
His Excellency also discussed the EDB’s strategy towards attracting investment in target sectors by introducing prospective investors to these opportunities at major international events. Additionally, the EDB has expanded its international presence and now operates offices out of KSA, the UAE, Turkey, the East Coast of the United States of America, Malaysia, Singapore, Sweden, Finland, Netherlands and Denmark, in addition to previously existing offices in Japan, India, China, and the UK, among others.
The EDB’s achievements in the first quarter of the year were also highlighted, where 14 companies were attracted to establish operations in the Kingdom, creating more than 350 jobs in the sectors of logistics, ICT and social and personal services.
The EDB has met with more than 150 financial institutions during the past year in Bahrain,  encouraging them to embrace FinTech and to develop an agenda for innovation. HE also emphasized the role of the Central Bank of Bahrain (CBB) in creating the ecosystem needed to support an innovative and an inclusive financial sector, along with the initiatives that the EDB and its partners are working on to strengthen Bahrain’s position in the FinTech field. The EDB has also recently announced a strategic partnership with
the Singapore FinTech Consortium and Trucial Investment Partners. The partnership demonstrates the Kingdom’s ambitions towards becoming the leading regional hub for FinTech and a global Islamic FinTech hub. The partnership will ensure that Bahrain has the right ecosystem and regulatory framework in place for the development of the sector.
 
– ENDS –
 
Notes to editors:
About The Bahrain Economic Development Board (“EDB”)

The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
 
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
 
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