MANAMA: Bahrain has attained a leading position in the Gulf region for doing business — ranked the second easiest country for doing business in the Gulf and 18th out of the global economies covered.
This is according to a new research conducted by the World Bank in its Doing Business 2009 report, which compared regulations in 181 economies.
Doing Business 2009 tracks reforms aimed at simplifying business regulations, strengthening property rights, opening up access to credit and enforcing contracts. The areas of reform undertaken by a government to create an easy place to do business reveal strong evidence of the government’s commitment to sound institutions and policies, catalyzing investor interest.
The Bahrain Economic Development Board (BEDB) is the public agency with overall responsibility for formulating and overseeing the economic development strategy of Bahrain. Commenting on the announcement, Sheikh Mohammed ibn Essa Al-Khalifa, chief executive of EDB, said: “We welcome the World Bank’s acknowledgement of Bahrain as a leading GCC country for its ease of doing business. This is a direct reflection of the great strides Bahrain has made toward growing and diversifying the economy.
“Recognition for its efforts from the international community further inspires Bahrain to sustain its position as the Gulf’s freest economy, most competitive in terms of operating costs and easiest place to set up business.”
Bahrain’s success for its existing business environment is reflected by the government’s dedication to promote free trade, and to maintain a strong regulatory system that is attractive to corporations from across the world. These two aspects are helping Bahrain to increasingly become the location of choice in the Gulf. Underpinning Bahrain’s free economy is a well-developed regulatory system.
The Central Bank of Bahrain — recognized as the region’s foremost regulator — offers business friendly regulations of international standards.
