Among Middle Eastern and North African countries, Bahrain is known to have the most open economy. Bahrain market opportunities are wide open due to good infrastructure, free trade agreements, and strong financial institutions in this country.
We have summarized the article below to show how the government increases business investment opportunities!
Government Efforts to Increase Investment and Business Potential
To make industry growth in Bahrain continue to increase, the government of this country has made several efforts, such as:
1. Transportation and Infrastructure Development
In January 2021, Bahrain International Airport (BIA) received renovations under the Airport Modernization Program.
This means the annual passenger capacity, initially 8 million, has increased to 14 million people. This also applies to the increase in cargo capacity, which has risen to 1 million metric tons every year.
Apart from that, the Bahrain Metro Project, which will start in 2024, is adequate to accommodate user mobility. The government plans to build a 109 km long line with 20 passenger stations and four transit lines.
To enhance the country’s land connectivity with Saudi Arabia and the GCC market, Bahrain has strategized the simultaneous construction of both the King Hamad Causeway and the King Fahd Causeway.
This project involves the incorporation of two new passenger and cargo train routes, along with the creation of four additional highway lanes.
Then, to improve infrastructure, several programs are underway, such as creating a US Trade Zone, expanding roads to less developed areas, creating a turnkey distribution production location close to the Khalifa Bin Salman Port in Al-Hidd, and others.
2. Biggest Oil and Gas Discovery
In 2018, the government stated that it had made the largest oil and gas discovery since 1932. The predicted capacity of these two reserves is around 80 billion barrels of offshore oil. The country’s oil production will increase if this prediction is suitable for commercial use.
Meanwhile, the short-term opportunity is for international oil companies to offer support at the production, refining, and transportation stages.
3. Development of Financial Technology (Fintech)
Currently, financial technology in Bahrain is starting to develop, so the government is trying to keep it moving along a positive path. Some of its policies include collaboration with the Singapore FinTech Consortium in 2018 in creating the Bahrain FinTech Bay.
In the same year, the government, through the Central Bank of Bahrain, also guided FinTech startups so that they were able to gather many investors.
Apart from these three efforts, the government continues to increase Bahrain market opportunities in the health sector, expand commercial and residential land, and increase production lines at state companies.
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