The Economy & Development Group pushes its agenda further

Four members of the group expressed their views concerning matters of importance to the members of BCCI about the economy, the market conditions and the role of business sector with respect to the future of BCCI. In addition to their extensive administrative backgrounds, they rely on their profound experience and knowledge which they acquired from various leadership roles over the years.

Dr. Tawfeeq Almoayed, who holds high qualifications and manifests a profound expertise in many fields, states that to further develop the national economy in Bahrain, the economy must pass through various stages to improve the local and sectorial markets which in turn is further enhanced by the improvement of the performance of the medium and small individual firms. "The economy functions properly if its components are functioning in the right direction, specifically production, trade or commerce," said Dr. Almoayed.

Dr. Almoayed continued explaining his views: "The marketing of a product or a manufactured good depends on wholesale and retail trading. But the large firms which import huge amounts of goods need the small firms for distribution on a smaller scale. The turnover of marketing by retail shall benefit the wholesalers. This mechanism is an example of how the economy works and that is how economical growth gets effected."

"We, the Economy and Development Group, are aware of the inter-relationships that hold the economy together and affect the economic rate causing it to increase or decrease. Our expertise qualifies us to achieve all our objectives and we hope that the BCCI members will support us to accomplish them," added Dr. Almoayed.

Mr. Jehad Bukamal, Chairman of the Economic and Financial Committee in the Council of Representatives highlighted the role of the private sector. "In line with the official and national inclination to speed up economic growth, we have to increase the productivity of the firms within the private sector. 80% of the GNP is controlled by the government, while only 20% is controlled by the private sector. We need to reverse these positions, and in order to do so, the private sector must take a proactive initiative."

Mr. Jehad Bukamal's views extend to the political arena too. He believes that the private sector does not measure up to its political role in the national economy as yet. It should play an extensive role in the legislative chamber compared to what happened in 2002 elections. Businessmen should not shy away from politics, and their efforts in this sphere should be extensive.

Mr. Bukamal stressed the importance of the role of small and medium establishments in enhancing the development of market conditions. He believes that, to consolidate and strengthen the role of the private sector, the human resources of these establishments should be sustained.

Mr. Jawad Al Hawaj expressed his own views. He believes that good reputation and ethical dealings is very important to the image of any firm and to the private sector as a whole. He also, highlighted the positive effect that he experienced while dealing with international business companies, particularly brand names. He believes that both clients' and customers' trust play a vital role in the success of any business.

"All members of the Economy and Development Group put great emphasis on building trust and its direct relationship with profound administrative skills, extensive capabilities and a long term vision. We hope that, by evaluating this important aspect of our group, you will support us in leading the BCCI in the next term."

Mr. Hassan Ebrahim Kamal, member of the EDG and the outgoing BCCI Board, views the role of the private sector from another angle. He believes that, as Chairman of the Committee-Real estate and Investment, the private sector consists of approximately 80% of active small and medium firms.

"These firms should have the upper hand in development training and employment and thus should be supported. If we further develop and encourage these small firms, that share the same objectives and scope of business, to unite and expand by becoming a larger establishment, this in turn will consolidate their existence to strongly face any future obstacles," said Mr. Kamal.

"No one can deny the vital role and importance of Small and Medium-sized Enterprises, and we shall push for their support and assistance to form a link between SME's, the chamber and the government, a consolidated trio to further strengthen this field," concluded Mr. Hassan Ebrahim Kamal.