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Bahrain Economic Vision 2030
Transforming Bahrain's Economy from a Regional Pioneer to a Global Contender

The Economic Vision 2030 (PDF, 279KB, 26 pages) which was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa, is a comprehensive economic vision for Bahrain, providing a clear direction for the continued development of the Kingdom’s economy and, at its heart, is a shared goal of building a better life for every Bahraini.

 

The launch of the Vision followed four years of extensive discussions with a range of opinion leaders in the public and private sectors, including governmental institutions and organizations, as well as international consultancies and bodies. The Economic Vision 2030 focuses on shaping the vision of the government, society, and the economy, based around three guiding principles; sustainability, fairness, and competitiveness. Following the launch of the Economic Vision 2030, the Economic Development Board (EDB) initiated an on-going programme of economic and institutional reform. The EDB led and coordinated with ministries to compile the first National Economic Strategy, which served as a roadmap to achieve the Vision. The vision 2030 also addresses the Sustainable Development Goals 2030 (SDGs).

Government Action Plan

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Bahrain’s strategic priorities over the next four years

Bahrain 2030

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A comprehensive economic vision for Bahrain

The Government Forum

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Exploring ways to deliver greater sustainable diversification and economic prosperity

Bahrain Economic Vision 2030

The Economic Vision 2030 (PDF, 279KB, 26 pages) which was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa, is a comprehensive economic vision for Bahrain, providing a clear direction for the continued development of the Kingdom’s economy and, at its heart, is a shared goal of building a better life for every Bahraini.

The launch of the Vision followed four years of extensive discussions with a range of opinion leaders in the public and private sectors, including governmental institutions and organizations, as well as international consultancies and bodies. The Economic Vision 2030 focuses on shaping the vision of the government, society, and the economy, based around three guiding principles; sustainability, fairness, and competitiveness. Following the launch of the Economic Vision 2030, the Economic Development Board (EDB) initiated an on-going programme of economic and institutional reform. The EDB led and coordinated with ministries to compile the first National Economic Strategy, which served as a roadmap to achieve the Vision. The vision 2030 also addresses the Sustainable Development Goals 2030 (SDGs).

 

The guiding principles of the Economic Vision 2030 are sustainability, competitiveness, and fairness.

Sustainability

A considerable share of the country’s growth over the last two decades was driven by the public sector. This model is running out of steam, as government finances become tighter and competition increases in a global economy. By 2030, the private sector should be able to drive economic growth in Bahrain independently. Bahrain's Vision sees the economic prosperity built on a firm foundation. Government finances will adhere to the principle of sustainability, upholding a system that is stable and forward-looking. Bahrain will use its resources to invest in the future, improving its human capital through education and training, particularly in the field of applied sciences. In a world where modern technology and new competitors from across the globe are continually shortening product lifetimes, entrepreneurship, and innovation will ensure the sustainability of a vibrant private sector. But economic growth must never come at the expense of the environment and the long-term well-being of Bahrainis. No effort will be spared to protect Bahrain's environment and preserve the kingdom's cultural heritage.

Competitiveness

Bahrain will attain a high level of competitiveness in a global economy. Increased productivity comes about much more naturally in a competitive environment, driving economic growth, profitability, and wages. Only high and continuously improving productivity will enable businesses to increase their employees' wages. Higher productivity requires people with the right skills for each position. To be Competitive; Bahrain will go to great lengths to educate their people, retain qualified staff, and attract foreign workers with the skills that are lacking. The key is to make Bahrain a great place to do business for both local and foreign companies. Many factors combined to make a country attractive to investors in high-value-added industries: a high-quality public service, a cutting-edge infrastructure, and an appealing living environment are among.

Fairness

Bahrain's Vision is that the country’s future economic success will impact society more widely, creating a broad base of prosperity. Every individual can make a worthwhile contribution to society, given the means and presented with the opportunity. For fairness to be nurtured, all transactions made by both the public and private sectors must be transparent. Free and fair competition should prevail, with private and public activities taking place in the open, whether they concern employment, land for public auction or the outcome of a tender. The role of Bahrain is to provide the legal and regulatory framework that ensures the protection of consumers and fair treatment for business owners – including foreign investors. This means stamping out corruption and seeing that laws are justly enforced. Fairness in society means that all are treated equally under the law, in accordance to international human rights; and that everyone has equal access to services, namely education, and health care, and that the needy are supported via adequate job training and a targeted social safety net.

These three guiding principles were heading in the same direction of Sustainable Development Goals 2030 (SDGs). High economic growth, government finance, improving human capital, fairness, and highly competitive market will lead to achieving most of the SDGs. These goals are considered as the government's current priorities and are linked to the executive actions of the present Government Action Plan (2019-2022).

The Government Action Plan (2019-2022)

The Government Action Plan (2019-2022) will focus on the achievements of Kingdom and its people in the light of the fiscal balance between expenses and revenues, the continuous positive economic growth, cash stability, and sustainable, comprehensive development. The Government Action Plan was developed in line with main instructions, policies, and initiatives desired to be achieved during the next four years to maintain security and stability, provide necessary services to the citizen. This will be achieved by maintaining the current gains, avoiding any future burdens on the citizen, and improving citizen's living conditions to enhance citizen-driven development.

Bahrain is looking forward to achieving the following general objectives by the Government Action Plan:

  • Invest in citizens through enhancing, improving, and sustaining the government services in education, health, and other sectors
  • Create a safe and stable society
  • Enhance the sustainable, comprehensive development to achieve fiscal balance and maintain positive economic growth.
  • Support the private sector to become the most significant motive in the development to create quality opportunities for citizens and investors
  • Establish rules for optimal use of resources and ensure its sustainability for the next coming generations.
  • Sustain social and economic development by adopting legislation and initiatives supporting family stability and achieving gender equity
  • Continue financing development projects and infrastructure enhancing growth and serving citizens
  • Redefine the role of the public sector from the main driver to a regulator and partner, developing and facilitating the government procedures
  • Support creativity, excellence, the role of woman, youth, and sports in all government programs and initiatives

When Bahrain creates a stable society, this will lead to a sustainable community. Positive economic growth, economic development, gender equity, better education system, and creativity, are all present in the Sustainable Development Goals 2030 (SDGs). The Government Action Plan (2019-2022) objectives are reflection of the Sustainable Development Goals 2030 (SDGs).

The Government Forum

The Government Forum is centered around the Kingdom’s continued efforts to deliver a modern and dynamic public sector that can facilitate long-term prosperity through private sector growth and provide public services that meet citizens’ needs and aspirations.

The Government Forum also serves as one of the digital technology pillars supporting the Government Action plan. The Forum is the first of its kind in the Kingdom, bringing together ministers and officials from across government to explore ways in which even greater sustainable diversification and economic prosperity can be delivered.

#TeamBahrain

Team Bahrain (#TeamBahrain) is an initiative of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister. It is about Bahrain's agile government working together and with the private sector to create bespoke solutions for investors and entrepreneurs looking to base their activities in the Kingdom. The results were on full display at May's inaugural Gateway Gulf investor forum in Manama, where projects worth $26 billion were showcased across a range of sectors including technology, real estate, tourism, housing, power, water, transport, public works, and manufacturing. 

The Team Bahrain approach applies whether it’s a large multinational looking to invest or a startup with a bold idea needing a supportive environment. Amazon Web Services’ (AWS) decision last year to base its first Middle East region in Bahrain was evidence of the Team Bahrain philosophy in action. The Kingdom’s business-centered approach and ability to make things happen – including the successful introduction of a Cloud First Policy across government – were decisive in AWS’s landmark investment, which will deliver enormous benefits to technology- and data-driven businesses across the region. Similarly, this year numerous different branches of the government worked successfully together to ensure that Mondelez was able to establish its sixth global mega-plant in Bahrain. The $90 million, 250,000 square meter ‘factory of the future' has a capacity of nearly 45,000 tons per year and serves as a hub for exports to the Gulf, the Levant, and Africa. Government initiatives have also been at the heart of the creation of the ideal ecosystem for startups and smaller businesses – under the umbrella of Startup Bahrain


Page Last Updated: 07 Jul, 2019