Bahraini Spirit
May 19th, 2005, 01:58 PM
Hi, FDI is definately somethin we need to focus on more and attract if we ever want to grow like other leading countries. The mideast attracted 1% only of the world's FDI, somethin needs to be done. Anyways, enjoy:
Bahrain has embarked on a leadership role in establishing a global centre to attract more foreign direct investment (FDI) throughout the region, it was revealed yesterday.
The proposal to host an Investment Policy Centre for Middle East and North Africa (Mena) was made by Bahrain to the Paris-based Organisation for Economic Co-operation and Development (OECD) at a meeting of the latter's steering group in Paris.
It was unanimously accepted by OECD, which brings together the world's richest 30 countries, said OECD's Global Forum on International Investment and Regional Programmes head Mehmet Ogutcu.
"OECD, together with its partners of 18 countries in Mena, develops investment programmes to improve business climate in the region by building capacity and implementing policies," he told our sister publication the Gulf Daily News.
"We are happy to note that Bahrain is taking a leadership role towards the success of the programmes by establishing an important centre."
Ogutcu was in Bahrain to take part in a conference on FDI in Bahrain and the GCC countries: Opportunities and Challenges.
The two-day conference, organised by the Bahrain Centre for Studies and Research (BCSR) under the patronage of Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, ended at the Gulf International Convention and Exhibition Centre, Gulf Hotel, yesterday.
Ogutcu said the OECD had set up five working groups to formulate a national reform agenda and an action plan.
Bahrain is code-sharing with Turkey in the group which studies taxation for investment, he revealed.
"Bahrain and Egypt are the first two countries from Mena which have identified their key priorities for investment related reforms for one year," said Ogutcu.
The identified areas include corporate governance, reducing administrative barriers for investment, and labour law to ensure a labour market favourable for generating more employment, he added.
Ogutcu said OECD is delighted to work in Bahrain through the Economic Development Board (EDB).
"Bahrain has been one of the most active and enthusiastic partners of the OECD investment programmes," he noted. "Our objective is to help the government formulate policies and to improve the investment environment.
"Sound economic fundamentals are important for successful political reforms."
An open economy will bring larger benefits for smaller countries like Bahrain, said Ogutcu. "The private sector role in Mena for the growth of their general economy is only 30 per cent," he said.
Ogutcu said some state-supported business groups in the region have a vested interest to keep the system closed because of the fear that an open economy would reduce their market share.
Bahrain has embarked on a leadership role in establishing a global centre to attract more foreign direct investment (FDI) throughout the region, it was revealed yesterday.
The proposal to host an Investment Policy Centre for Middle East and North Africa (Mena) was made by Bahrain to the Paris-based Organisation for Economic Co-operation and Development (OECD) at a meeting of the latter's steering group in Paris.
It was unanimously accepted by OECD, which brings together the world's richest 30 countries, said OECD's Global Forum on International Investment and Regional Programmes head Mehmet Ogutcu.
"OECD, together with its partners of 18 countries in Mena, develops investment programmes to improve business climate in the region by building capacity and implementing policies," he told our sister publication the Gulf Daily News.
"We are happy to note that Bahrain is taking a leadership role towards the success of the programmes by establishing an important centre."
Ogutcu was in Bahrain to take part in a conference on FDI in Bahrain and the GCC countries: Opportunities and Challenges.
The two-day conference, organised by the Bahrain Centre for Studies and Research (BCSR) under the patronage of Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, ended at the Gulf International Convention and Exhibition Centre, Gulf Hotel, yesterday.
Ogutcu said the OECD had set up five working groups to formulate a national reform agenda and an action plan.
Bahrain is code-sharing with Turkey in the group which studies taxation for investment, he revealed.
"Bahrain and Egypt are the first two countries from Mena which have identified their key priorities for investment related reforms for one year," said Ogutcu.
The identified areas include corporate governance, reducing administrative barriers for investment, and labour law to ensure a labour market favourable for generating more employment, he added.
Ogutcu said OECD is delighted to work in Bahrain through the Economic Development Board (EDB).
"Bahrain has been one of the most active and enthusiastic partners of the OECD investment programmes," he noted. "Our objective is to help the government formulate policies and to improve the investment environment.
"Sound economic fundamentals are important for successful political reforms."
An open economy will bring larger benefits for smaller countries like Bahrain, said Ogutcu. "The private sector role in Mena for the growth of their general economy is only 30 per cent," he said.
Ogutcu said some state-supported business groups in the region have a vested interest to keep the system closed because of the fear that an open economy would reduce their market share.