MANAMA – Bahrain witnessed significant foreign investment flow throughout 2012, with 40 international businesses from North America, Europe and Asia as well as the Middle East region setting up their operations in the kingdom, said Kamal bin Ahmed, Minister of Transportation and acting chief executive of Bahrain Economic Development Board (EDB). The EDB attracted investments in 2012 from North America, Europe and Asia as well as the Middle East region. These will help create close to 900 jobs over the course of three years across a range of sectors including financial and professional services, logistics and renewable energy. Non-financial services related investments comprised over $102 million, particularly in the areas of professional services and information and communications technology (ICT). The minister of transportation said the increase in the number of foreign investors over the last year illustrates the kingdom's wide-ranging attractions; from the most skilled workforce in the region and liberal business environment to the low costs, competitive taxation and ready access to the GCC market. During the course of the year, the EDB continued to assist companies that had initiated projects in the Kingdom in 2011, including the inauguration of projects by German industrial firm RMA and German chemical company BASF. These businesses, along with Indian Polyester company JBF, invested $200 million during the course of 2011, will help create over 500 jobs over the course of three years in the Kingdom. As a leading business and financial hub at the heart of the Gulf, a market now worth $1.4 trillion, Bahrain has long been considered the gateway to the region. “As we look forward to 2013, the EDB, both in Bahrain and in our offices around the world, will continue to work alongside our key partners across government and the private sector, to ensure we help deliver further opportunities for Bahrain,” Kamal bin Ahmed further said. According to the companies that have set up in the Kingdom, the key reasons behind their investment in Bahrain include: • Bahrain's long history as a regional financial hub means that there is excellent infrastructure alongside a strong and recognized regulatory environment; • Location provides a unique base in the GCC for international export; • The availability of a highly skilled workforce and a low cost base proved highly persuasive; • The active support provided by the EDB throughout the process of setting up and operating in Bahrain. Bahrain favorable business conditions were further endorsed in 2012 by the Heritage Foundation's Index of Economic Freedom, in which the Kingdom was ranked first in the Mena region in recognition of Bahrain's strong economic fundamentals. — SG/Agencies
