Exploring new opportunities for sustainable growth in Bahrain spotlighted

Manama, The Kingdom of Bahrain, together with the World Bank, has held a joint event on exploring new opportunities for sustainable growth in the Kingdom of Bahrain.

The joint event highlights Bahrain’s concerted efforts to reform its economy, which have earned the Kingdom a place among the 10 top improvers in terms of ease of doing business, according to the World Bank. These efforts have also seen the Kingdom improve its overall ranking in the World Bank’s Doing Business 2020 index to 43rd out of 190 countries, up 19 places year on year.

The 2020 Doing Business Report result is a reflection of Bahrain’s far-reaching economic reforms, which include the introduction of 294 business regulatory reforms across the 10 areas measured by Doing Business from May 2, 2018, to May 1, 2019.

Key economic reforms highlighted at the joint event include:

Expediting the construction permit process through the launch of a new streamlined online platform, ‘Benayat,’ resulting in an improvement of 40 places to 17th globally in the indicator for dealing with construction permits

Streamlining administrative procedures and improving the quality of the land administrative system, which has significantly simplified the process of registering a property, improving Bahrain’s ranking by 9 places to 17th globally.

Making enforcing contracts easier by creating a specialised commercial court, establishing time standards for key court events and allowing electronic service of summons, up 69 places to 59th globally.

Allowing debtors to initiate reorganisation procedures, adding provisions on post-commencement financing, and improving voting arrangements, which has increased the Kingdom’s ranking by 33 places to 60th globally in terms of resolving insolvency.

Strengthening access to credit by giving secured creditors absolute priority during insolvency proceedings, and subjecting creditors to an automatic stay that is limited in time with clear grounds for relief during reorganisation proceedings.

During the event, HE Zayed bin Rashid Al Zayani, Minister of Industry Commerce and Tourism, delivered a speech in which he highlighted the benefits of Bahrain’s ongoing economic reform, which promote competition and enhance the sustainability of entrepreneurial endeavours, in line with the vision of HM King Hamad bin Isa Al Khalifa.

HE the Minister highlighted that the collective efforts of Team Bahrain have led to the introduction of new initiatives and upgrades to the regulatory framework, which together are helping to ensure the Kingdom realises the promise of Bahrain Economic Vision 2030 and its founding principles of sustainability, fairness, and competitiveness.

Mr. Khalid Humaidan, the CEO of Bahrain Economic Development Board (EDB), said:

Today’s event offers an important opportunity to underlline the positive effects of the Kingdom’s economic policies and initiatives are having. In particular, by pursuing flexible and innovative legislation, we are strengthening the domestic business environment and attracting many companies that in turn contribute to economic growth, provision of job opportunities in the local market, and the creation of value across the supply chain. Bahrain’s recent performance in the World Bank’s Doing Business 2020 report is a major achievement and a clear endorsement of the progress we have made in just a short time.

Government officials, representatives from the private sector, and journalists also attended the joint event.

Source: Bahrain News Agency

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