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 on three guiding principles; sustainability, fairness, and competitiveness. Following the launch of the Economic Vision 2030, the Economic Development Board (EDB) initiated an ongoing 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. Vision 2030 also addresses the Sustainable Development Goals 2030 (SDGs).
The guiding principles of the Economic Vision 2030 are sustainability, competitiveness, and fairness.
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 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.
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 its 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.
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 with international human rights, 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 as Sustainable Development Goals 2030 (SDGs). High economic growth, government finance, improving human capital, fairness, and a highly competitive market will lead to achieving most of the SDGs. These goals are considered the government's current priorities and are linked to the executive actions of the current Government Plan.
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Content Last Updated: 28 Aug, 2023