Bahrain's economic vision pushes industrial growth

A financial services leader in the entire Gulf region, the Kingdom of Bahrain has been an exceptional model for other economies as it has the longest track record in business in the region with a well-established environment that offers tremendous opportunities to global companies, and regulations geared to support good governance and manpower development. Bahrain has been ranked as the 13th freest economy in the world, and the most free in the Middle East and North Africa (MENA) region by the annual Index of Economic Freedom, published by the Heritage Foundation. It was the only economy in the MENA region that has consistently made it to the world's top 20 for the 16th consecutive year since the launch of the Index in 1995. With the MENA region being "central to world affairs," Bahrain's ranking stresses the gains made on its trade freedom, investment freedom, labour freedom, and freedom from corruption. Thus, as gateway to the Middle East, Bahrain has achieved an enviable track record in the global economy today, with its people enjoying an excellent quality of life. Contributing to Bahrain's buoyant economy are the industrial zones that serve as ideal location for booming manufacturing industries. Industrial estates are situated along the coast near the busy port of Mina Salman, allowing easy access to transport facilities. Bahrain Bay, the landmark waterfront community located off the north shore of Manama, is being developed and is nearing completion. Bahrain Bay is a carefully planned mixed use development that is being eyed to provide significant contribution into the existing and future economic growth of the country and is set to become one of Bahrain's leading residential and commercial communities. More infrastructure projects are also connecting Bahrain with other parts of the region's leading economies. The King Fahd Causeway connects Bahrain to the largest single market in the region -- Saudi Arabia. Also being planned is a $60 billion railway project that will connect Bahrain, Saudi Arabia, Qatar, the United Arab Emirates and Oman and is being planned to start construction in 2011. 2030 Economic Vision as blueprint for progress An important development in Bahrain's efforts to retain its special place in the Gulf region is the launching of an economic vision that will extend until 2030. Such blueprint aims to shift the economy from its dependence to oil revenues into other growth sectors such as financial services, industry, logistics, business services and tourism. These sectors are being developed to provide the much-needed jobs for the local labor pool. The economic vision is hinged on the guiding principles of sustainability, competitiveness and fairness. In the area of sustainability, efforts are being directed towards increasing investment to improve the quality of human capital through education and training. In terms of competitiveness, government efforts are focused on increasing Bahrain's competitiveness. The Global Competitiveness Report for 2008-2009 has ranked Bahrain 37th in the world among 134 economies covered in the study and this needs to be upgraded. In terms of fairness, improvements in business transactions and fair distribution of wealth among citizens are considered as priorities. Downstream industries expand The discovery of oil in 1932 contributed to Bahrain's rapid economic growth. In the 1960s, the Government however launched an economic strategy that called for a shift to non-oil industries for long-term, sustainable growth. This resulted in a series of projects aimed at improving the country's infrastructure, telecommunications network, and the setting up of a business environment conducive to the operations of international companies and investors. In the same vein, the chemical industry, including plastics manufacturing, became a dynamic business with rising production of paints, medical and industrial proMarki