Al Bilad newspaper Nass: Completing the pivotal role in providing the government with recommendations and qualitative advice related to the national economy
– 2024-02-26 20:30:54
Yesterday morning, the Bahrain Chamber of Commerce and Industry held its third annual committee conference under the title “Towards an Encouraging Economic Infrastructure,” in the presence of economic figures from inside and outside the Kingdom of Bahrain, in addition to the participation of the Minister of Tourism, Fatima bint Jaafar Al-Sirafi, a number of members of the House of Representatives and the Shura Council, and senior public figures. The President of the Bahrain Chamber of Commerce and Industry, Samir bin Abdullah Nass, delivered a speech in which he emphasized the pivotal role played by the ten permanent committees in launching a set of recommendations on issues and topics related to the reality and future of the economic sectors.
He added that holding the conference in its third edition in 2024 comes as a continuation of its pivotal role in providing the government with opinions, recommendations and qualitative advice related to the national economy, given the direct impact of any economic decision on the local market and the cycle of financial flows. Starting with the purchasing power of the individual, reaching annual profits and the ability of institutions to fulfill their obligations, and then their stability and growth and their role in advancing the national economy, and enabling the commercial, industrial and investment sectors to face developments related to economic activity, indicating that the conference included various points of view, and gathered the opinions of the commercial market. The topics he discussed included legislation supporting an encouraging economic structure, the role of the private sector in development, and facilities and incentives supporting private sector growth.
Thoughtful results
Nass said: We are looking forward to achieving thoughtful and tangible results regarding all economic issues at all levels, especially since Bahrain is in the process of formulating its economic vision 2050, in which the private sector will participate in its consultations in a way that contributes to shaping a more prosperous and developing future for the national economy, including… It meets the ambitions and aspirations of Bahraini society, announcing that the Committees Conference in its fourth edition for next year 2025 will bear the name “Bab Al-Bahrain Trade Conference”, out of the belief of the Bahrain Chamber of Commerce and Industry in the role and importance of this site and its great history, as it is the cradle of economic life in the Kingdom of Bahrain.
Solve obstacles
In turn, the head of the coordinating group of sectoral committees, Walid Kanoo, confirmed that the chamber, its board of directors, the executive and administrative body and its committees are working hard to provide all means of support and assistance to all workers in the commercial, investment and industrial circles, and are always striving to identify their requirements and work to solve any obstacles they face in various ways and in all ways. Al-Wasool, noting that it also seeks, through its annual conference, to be a link to link the visions, ideas and proposals on the minds of the private sector with government programs and strategies, in the form of recommendations presented to economic decision-makers, with the aim of achieving renaissance, progress and prosperity.
Kanoo reviewed the important role played by the Chamber’s ten committees, as they are the basic support for the Board of Directors’ efforts in developing commercial sectors, and the most important communication tools between the Chamber and its members, through the activities and programs they carry out, all of which aim to develop various sectors and support business owners, in addition to their constant communication with Government agencies to communicate the visions, complaints and suggestions of Chamber members, pointing out that the conference in its past two editions was able to achieve successes whose effects were quickly reflected on the various components of the private sector, as it was able to present a number of initiatives supporting the sustainability of the sectors since its formation and the launch of its work plans in January 2022, and raise approximately 53 recommendations or recommendations to government agencies, in addition to holding or participating in 80 meetings with relevant authorities, most of which contributed to addressing many of the obstacles facing small merchants and owners of small and medium enterprises.
Opening session
The conference began its activities with the first opening session entitled “Legislative Spaces – Legislation Supporting an Encouraging Economic Structure,” which included a review of legislation that keeps pace with development requirements, and mechanisms for facilitating commercial procedures and increasing their effectiveness, while the second dialogue session titled “The Role of the Private Sector in Development” discussed, The government strategy to employ and enhance partnership with the private sector, while the third dialogue session, entitled “Facilities and Incentives,” focused on the facilitation mechanisms that support the growth of the private sector and the stimulating environment for promising projects and how to link economic strategies to the facilities.
Drafting legislation
In its final statement, which was delivered by the First Vice President of the Bahrain Chamber of Commerce and Industry, Khalid Mohammed Najibi, the conference recommended formulating legislation, laws and regulations that contribute to achieving the transition to a productive economy with high value-added economic activities, supporting the organization and development of the logistics sector and free trade zones, and granting the education sector. And special training in administrative and financial independence, with a comprehensive review of the laws and requirements for the tourism and hospitality sector. The conference recommendations also called for the localization of government procurement contracts and their governance, to ensure the participation of the Bahraini private sector.
The conference recommendations stressed the need to enhance cooperation between the public and private sectors to highlight local industries and products, by benefiting from the tools that achieve this by both sides, and working to develop an information base for infrastructure services and private and government investment projects, in a way that enhances efficiency and effectiveness to be available to business owners. With the rapid identification of government service sectors to be privatized to involve the private sector to increase diversity and service efficiency, and the launch of a comprehensive guide to government procedures to ensure coordination and flexibility between all ministries and licensing bodies, in a way that enhances investor confidence and encourages investment, and develops and amends procedures that support the achievement of stability and future growth of the real estate sector and Construction.
The final statement of the conference concluded its recommendations by calling for the creation of an appropriate environment for banks’ credit portfolios, to facilitate support for credit transactions for small and medium enterprises while setting priorities for supporting promising sectors, and pushing for the creation of partnerships between local small and medium enterprises with large factories, to encourage local industry and accelerate the implementation of credit ratings for companies and institutions. This is to determine and ensure the liquidity of these institutions, and to establish modern industrial and commercial business centers within free zones (tax-exempt) equipped with all amenities and facilities.
Al-Bilad newspaper alerts various profitable electronic news platforms to the need to be careful, as stipulated in the law concerned with protecting intellectual property rights, regarding the illegality of transferring or quoting the content of this journalistic material, even if the source is indicated.
