Bahrain's Economic Recovery Plan (ERP), launched in 2021, aims to increase FDI by more than $2.5 billion by the end of 2023 by streamlining business set-up procedures and supporting the development of a skilled local workforce to make the kingdom an attractive base for investors, says the kingdom's Deputy Prime Minister Shaikh Khalid bin Abdullah Al Khalifa.

The Bahrain Economic Development Board (EDB) attracted a record $1.1 billion in direct investment in 2022. This investment came from a total of 88 companies and is expected to generate over 6,300 jobs by 2025, he said.

In an interview to Oxford Business Group (OBG) for its annual report on Bahrain for 2023, Shaikh Khalid said the ERP includes 27 programmes under five main pillars: launching major strategic projects; developing priority sectors through the rollout of various strategies; increasing the efficiency of commercial procedures; achieving fiscal sustainability and economic stability; and providing quality employment for Bahrainis.

The kingdom is working towards efficient and effective governance by changing the role of the government from operator to regulator, while enabling the private sector to aid in driving economic development, he said.

On digitalisation, Shaikh Khalid said Bahrain's strategy aims to increase the number of ICT startups by 20%; automate an additional 200 government services; increase national employment in the sector by 35%; and train at least 20,000 citizens on cybersecurity to support the digital economy by 2026.

The kingdom has also pledged to achieve carbon neutrality by 2060 with interim environmental targets, joining global efforts in combatting climate change. These goals have been integrated into the ERP, as have concurrent strategies to promote sustainability and achieve targets, such as the National Renewable Energy Action Plan, the Deputy Prime Minister said.

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