MANAMA, 26 December 2004 — A total of $670 million of foreign investment was attracted to Bahrain in the past five months through the recently opened Bahrain Investors Center (BIC), it was revealed yesterday.
The BIC’s chief, Abduljalil Al-Sanad, said that 260 companies had registered at the center since it was opened in early August to open businesses in Bahrain, indicating that more than 65 percent of that capital was foreign investment.
He also expected that the Free Trade Agreement signed recently with the US and expected to go into effect early next year will help attract US investors to Bahrain and the region.
The bulk of investments has been directed toward the financial sector where Bahrain has proven to be a safe haven for such businesses, he said. “We have a solid regulatory monetary system and we are not facing any money laundering problems and this has helped attract financial businesses to Bahrain.”
Al-Sanad added that the center had also attracted GCC investors, with the majority of them coming from Saudi Arabia.
The recently introduced legislations that would allow GCC citizens to engage in almost all fields of business and economic activities is also expected to attract more businesses to invest in Bahrain, he said.
The center’s performance has exceeded many of the expectations. The e-investment scheme that was launched in 2003 prior to the BIC opening managed to attract a total of $850 million of investments since Jan. 1, 2003 to date. The BIC, which has been dubbed the “one-stop shop”, is a clearing house set-up inside the Seef Mall — which is one of the busiest malls in the country — that has all the relevant ministries, along with private-sector representatives from banks, legal and business consultants represented under one roof helping investors to set-up businesses in Bahrain.
“Our goal is to have a trouble-free environment where it is possible for investors to complete all the necessary paper-work before, during, and after setting up their business all under one roof, he said. “Investors can process all their necessary paperwork through the center or via our website”.
Investors can access the BIC website www.commerce.gov.bh to apply or renew their commercial registration or for inquires. The website offers close to 60 services to the public and according to Al-Sanad all inquires and transactions are dealt with within 24 hours.
In addition to having governmental, legal, and businesses representatives the center has also representatives from the Supreme Council for Women (SCW) to provide consultation for businesswomen and to monitor the center and ensure that women are not discriminated against.
Statistics from the Ministry of Commerce show that women hold a high percentage of commercial registration (CR). That is why the SCW had set up a stall at the center to ensure that they provide the necessary assistance to them.
