HRH Crown Prince stresses importance of further strengthening kingdom's economic

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB) chaired the EDB’s board meeting at the organisation’s offices in Bahrain Bay.
His Royal Highness stressed the importance of further strengthening the Kingdom’s competitiveness regionally and globally, through the implementation of initiatives designed to further enhance the business environment. His Royal Highness highlighted the importance of attracting foreign direct investments, which further strengthen the Kingdom’s national economy and help to create high quality job opportunities for Bahrainis. 
His Royal Highness further highlighted the contribution of the Kingdom’s modern regulative and legislative structure which helps boost the Kingdom's reputation as an investment destination. His Royal Highness noted Bahrain's success in supporting key economic sectors and maintaining competitiveness. In this regard, His Royal Highness noted the development of the Kingdom’s financial sector and the innovative and competitive services it provides which are responsive to global economic trends.
His Royal Highness noted the Kingdom’s numerous achievements, highlighting the importance of continuing to strengthen the economic sector, improve its performance, and further strengthen its role in the next phase of development. In this Regard, His Royal Highness noted the EDB’s strategic role in attracting FDI and promoting the Kingdom of Bahrain globally. 
EDB Chief Executive Khalid Al Rumaihi, then presented Bahrain’s latest key economic developments, as well as progress reports on EDB initiatives undertaken in collaboration with other Ministries and Authorities. Developments discussed included the development of new laws and legislation, improvements to the commercial dispute resolution process, and initiatives facilitating commercial registration. Each initiative is designed to streamline business entry into Bahrain, improve the commercial judicial system, and support the SME sector.
Al Rumaihi also touched on the EDB’s strategy for securing investment into target sectors by briefing prospective investors on opportunities in the Kingdom at major international events. Additionally, the expansion of the EDB’s international presence was discussed. The EDB has recently launched new operating offices in the Turkey, the USA, Malaysia, Singapore, Sweden, Norway, Finland, Holland and Denmark, in addition to existing offices in Japan, India, China, and the UK, among others.
Al Rumaihi added that the EDB, during the first quarter of this year, has successfully attracted a number of companies to establish operations in the Kingdom, creating jobs in the sectors of logistics, ICT and social services.
Al Rumaihi highlighted the growing importance of the FinTech (Financial Technology) sector, and its vast contribution to further improving of the Kingdom's finance sector as a whole. He highlighted that the EDB continues to communicate with global and local financial institutions, with the goal of encouraging them to adopt projects and initiatives related to FinTech and to contribute to the development of the sector in Bahrain. 
In this regard, Al Rumaihi emphasised the role of the Central Bank of Bahrain (CBB) in creating the atmosphere required to support an innovative and inclusive financial sector.
The EDB has also recently announced a strategic partnership with the Singapore FinTech Consortium and Trucial Investment Partners. Al Rumaihi added that Bahrain is one of the first countries, regionally, to join an international Global FinTech Hubs Federation, which aims to further strengthen knowledge and expertise within financial technology., debt and equity capital market services, financial advisory services, mergers and acquisitions, and the world’s first Shariah compliant digital retail banking service, meem by GIB

Source: BNA