Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa paid tribute to His Majesty King Hamad bin Isa Al Khalifa.
He hailed the follow up of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, stressing the strong determination of the Team Bahrain, which enabled the Kingdom to achieve positive results ever since the national economic recovery plan,
The minister was speaking as he addressed the Economic Recovery Forum which was held under the patronage of Shura Council Chairman Ali bin Saleh Al Saleh.
The Shura Council held the event in cooperation with the Bahrain Institute of Banking and Finance (BIBF), with the sponsorship of the National Bank of Bahrain (NBB).
The economic recovery plan is based on 5 priorities comprising 27 integrated programs, 16 programs of which have been completed, said the minister, adding that work is underway to complete the implementation of 11 other schemes during the coming period.
Addressing the forum in keynote speech, the minister commended the constructive cooperation between the executive and legislative branches of government, noting the role of the legislative authority in supporting initiatives aimed at achieving economic recovery and enhancing financial stability.
He stressed the Government’s keenness to implement the five priorities of the economic recovery plan and its main objectives of creating promising job opportunities to make the citizen the first choice in the labor market.
He highlighted plans to employ 20,000 Bahrainis in the economy, train 10,000 Bahrainis annually until 2024, and facilitate trade procedures and increase their efficiency, with the aim of attracting investments worth more than $2.5 billion by 2023.
He outlined the Government’s plans to implement major development projects, by launching strategic schemes worth more than US 30 billion d, and developing promising sectors, with the aim of achieving a growth in non-oil GDP by 5% in 2022, in addition to enhancing endeavors to financial sustainability and economic stability, by achieving financial balance. by 2024.
He stressed the important role of the private sector in advancing economic growth and enhancing its stability, which is reflected in the initiatives of the economic recovery plan.
This is achieved by providing investment opportunities and competitive incentives that open many areas for the continuation of the strong partnership between the public and private sectors, said the minister.
He expressed thanks to all members of Team Bahrain for their sincere work in the spirit of one team to implement the economic recovery plan, pointing out the importance of continuing to harness all efforts to accomplish the desired goals.
He pointed out that the growth rates and non-oil GDP from the first quarter of 2019 until the fourth quarter of 2021 showed the continued recovery of the economic sectors, especially the non-oil sectors.
“The performance of a number of indicators has exceeded the levels recorded during 2019”, said the minister, noting that preliminary data indicates a nominal GDP growth of 13% during the fourth quarter of 2021, and the nominal non-oil GDP amounted to about $3.4 billion, which is the highest level recorded.
He stressed continued efforts to build the economy, create more qualitative opportunities and maintain the great economic momentum, noting that the main objective of all economic plans and projects is to create promising opportunities for the citizen
Source: Bahrain News Agency