Bahrain aims to attract as much as $2.5 billion in direct investment by 2023, as part of a plan that is meant to help its economy recover, official sources have said.
The Economic Recovery Plan was initiated by the directives of King Hamad bin Isa Al Khalifa, said the sources.
It has since won the approval of the cabinet, which is chaired by Crown Prince Salman bin Hamad Al Khalifa.
Now, the country’s Economic Development Board CEO Khalid Ibrahim Humaidan has announced that the board will focus on several initiatives aimed at furthering economic growth and contributing to attracting direct investments across vital economic sectors to achieve the objectives of the aforementioned plan.
The primary aim of the plan is apparently to create quality jobs and enhance Bahrain’s economic competitiveness.
Humaidan noted that the plan aims to attract $2.5 billion in direct investment by 2023.
The goal, he said, has been set after the EDB has already attracted increased investment between 2019 and 2020.
This, he said, indicates that the recovery plan prioritizes supporting key sectors to boost economic development.
The sectors include oil and gas, tourism, logistics, financial services, telecommunications, IT and digital economy, and manufacturing.
The plan also aims to launch new programs of Tamkeen — the government body that provides assistance and training to private-sector businesses and individuals — to stimulate medium and small companies in these industries.
Humaidan also said the development of these economic sectors would diversify the national economy and support its growth.