The Business and Financial Forum kicks off in Bahrain

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The forum's opening address was given by His Excellency Dr. Fakhro who said that 'the economic and business boom plus launching ambitious projects, ranks the kingdom of Bahrain with the developed countries. Moreover, the high quality of living for Bahrainis, political freedom and economic will all considered as the output of a long term vision of the esteemed Leadership and the wise Government of Bahrain'.

'No doubt that the Government is working hard to strengthen the economic structure and enhance the regulations and rules that organize economic activities in various fields' Dr. Fakhro added.

'The ministry of industry and commerce is also working day and night for the sake of reviving trade sector by relying on the private sector, who is the main partner of the vision of sustainable development.' Dr. Fakhro mentioned

His Excellency said also that the number of registered companies in Bahrain increased to 75303 companies. And the value of accumulated local and foreign direct capitals reached 32 billion USD in 2007.

'Our ministry was capable to launch a series of initiatives such as inaugurating an industrial strategy which was made to be a perfect framework to enhance industry sector and make it more vital in the national economy.' Dr. Fakhro added.

The chairman of Bahrain chamber of industry and commerce Dr. Esam Fakhro reiterated that GCC countries and the Arab world in general is still witnessing these days a huge economic and business boom, in align with omitting lots of restrictions between Arabic investments through Arab FTA.

'What really makes this boom special in this region is that the private sector is becoming this time a vital player more than before, and that is obvious if we behold the dramatic growth of non-oil sectors and its contributions in the gross domestic product' Dr. Fakhro added

'International Monetary Fund estimates that growth would reach 8.1% in 2008, and 4.3% growth in the oil sector'. Dr. Fakhro Mentioned.

Dr. Fakhro asserted the importance of insuring a flexible structural and legal frame to ease the initiatives of the private sector in all the Arab countries, through more economic and political reforms and enhancing partnership between the public and the private sector, plus encouraging investors to establish Arabic joint ventures in the fields of energy, gas, water, railroads, aviation and more.

The chairman of Confex International SAL Mr. Rafik Zantout said 'the reason behind choosing Bahrain to hold this forum is that the kingdom is witnessing an unprecedented economic boom and becoming a hub of comprehensive reforms and vast openness, in addition to its modern regulatory and legal environment.'

'The aim of organizing this forum is to open new doors of fruitful cooperation and constructive partnerships between Arab businessmen and investors, which in turn leads to more business activities and strengthen business opportunities in the region' mentioned Mr. Rafik

The chairman of Magnum Events & Exhibitions (MEEM) Mr. Hisham Baradie said that the kingdom of Bahrain is becoming a significant player in conventions and exhibitions industry, developing itself to be a pioneering centre in this field all across Gulf region the Arab world as a whole.

The forum addressed at its first day a number of vital topics, integral to business and financial development: 'kingdom of Bahrain: an economical rise and investment opportunities', Disposition of Arab markets to adapt to construction growth', 'Leading Arab investments: success stories and new horizons'.