Bahrain Economic Development Board chief executive Khalid Humaidan stressed that his country has successfully attracted over $1.1 billion in foreign direct investments during 2022, surpassing the set target for the year.
These investments encompassed 89 investment projects, aligning with the priorities of the economic recovery plan. He further explained that Bahrain aims to attract investments exceeding $2.5 billion by the end of 2023.
The official confirmed that Bahrain ranks highly among Gulf countries in terms of the inflow of foreign direct investments compared to its gross domestic product in 2022, accounting for approximately 80%.
Moreover, Bahrain secured the eleventh position globally in greenfield investments, as reported by the Financial Times direct investment survey and the Greenfield Investment Performance Index for 2022.
Regarding the strategy to stimulate the private sector as a key driver of the economy, Humaidan said: “First and foremost, I must emphasize the active partnership between the public and private sectors across various industries in Bahrain.”
“This partnership has positively impacted Bahraini citizens, particularly by providing them with more promising opportunities,” he added.
“Supporting and empowering the private sector to enhance economic growth is a top priority and strategic objective pursued by the government of the Kingdom of Bahrain, recognizing this sector as a primary engine for the economy,” stressed Humaidan.
The private sector is a strategic partner to the Economic Development Board, evident by the fact that half of the board members are representatives from the sector, he remarked.
“They play a significant role in shaping the investment attraction strategy, focusing on five priority sectors: financial services, manufacturing, logistics services, information and communication technology, and tourism,” he revealed.
The private sector's contribution to the gross domestic product exceeded 80% in 2021, compared to 74% in 2005, noted Humaidan, adding that this reflects its pivotal role as a primary driver of the economy.
