Economic Vision 2030
Bahrain aspires to transition from an oil-based economy to a productive economy capable of competing on a global level. While the government shapes this vision, the pioneering private sector drives its initiatives.
The government and Bahraini society have adopted the principles of equity, competition and sustainability for providing means of an honorable life to the Bahraini people and benefiting from their full potential.
Basic Principles of Economic Vision 2030 | ||
Competitiveness | Equity | Sustainability |
The vision is that Bahrain achieves a highly competitive capability in the global economy and succeeds in increasing production more naturally in a competitive climate that pushes forth the wheel of economic growth, multiplies profits and raises wage levels. The rising average of production shall increase the capability of commodities and services to compete in the global market and usher in more revenue. This will cause companies to provide better services and continuously search for the best ways for production. | Bahrain’s vision is that the impending economic success of the Kingdom shall impact the society on a wide scale. It will lead to the creation of a broad base of prosperity. Each individual shall be able to make valued contributions to society when the means and appropriate opportunities are provided to him. |
A large portion of the magnitude of growth witnessed in Bahrain during the last two decades is owed to the public sector. However, it is becoming difficult to proceed further in the same direction considering the increasing restrictions that government budgets are generally faced with and the increasing competition in the global economy. As such, by 2030, it is envisaged that the private sector will be capable of managing the economic activity in a manner that shall ensure the sustainable prosperity. |
Government Action Plan (2023-2026)
The government program (2023-2026) focuses on achieving four main priorities that divide into a number of goals the government of Bahrain seeks to implement, in order to achieve development and prosperity for the country and its citizens, and adopts programs and policies aimed at raising the income of citizens and enhancing their living standard. The priorities and strategic axes included in the program are as follows:
- enhancing living standards,
- Sovereignty and legislation,
- Infrastructure and environment,
- economic recovery and financial stability,
- society services,
- government performance and digital transformation.
Strategic Goals:
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Measures of Success of the Ministry of Industry, Commerce
The initiatives of the Ministry of Industry and Commerce revolve around implementing the priorities of the government program (2023-2026) through the following executive procedures:
- Work on the transformation of industries and green buildings and encourage investment in renewable energy.
- Continue to implement SMEs’ development and sustainability programs.
- Develop and facilitate government procedures supporting investment.
- Encourage partnership with the private sector to implement major development projects.
- Encourage investment in promising sectors by implementing the Industrial Sector Strategy (2022-2026) initiatives within the Economic Recovery Plan.
- Continue strengthening the Kingdom's partnerships with regional and international markets.
- Raise public awareness regarding intellectual property rights, consumer rights, and corporate governance.
General Strategies of the Ministry
The work of the Government of the Kingdom of Bahrain is focused on strong foundations built upon the principles of justice, competition and sustainability. The Ministry of Industry and Commerce has institutionalized a number of general strategies to implement these principles, as follows
- Emphasising the importance of providing a fair environment that safeguards the rights of the consumer as well as the trader and protects both parties from erroneous commercial practices, and contributes to building consumer trust in the commodities sold in the market by strengthening trust through achieving high levels of transparency, regulation and control for ensuring the compliance of market commodities with specifications and metrics. This is in addition to the Ministry emphasizing on the need to enhance and increase consumer awareness in matters related to rights and commodities by strengthening consumer and trader awareness related to rights and practices of commercial transactions.
- Promoting competitiveness in the business environment by facilitating commercial and investment business practice and raising the Kingdom’s competitiveness by supporting commercial business needs and enacting policies and laws.
- Improving the regulations and procedures to enable quality investments by facilitating the provision of services and licenses through the Ministry's electronic system "Sijilat 3.0" and the industrial services system .
- Focusing on enhancing the culture of entrepreneurship by increasing the number of start-up companies and enterprises, and popularising entrepreneurship culture as an important pillar of knowledge for the youth by assisting in the orientation of their mindsets towards successful and sustainable commercial projects. This is in addition to supporting business accelerators and incubators, and entrepreneurship centres, and developing freelance programmes and content at various educational levels.
- Increasing financing, investment and development programs directed to small and medium enterprises, and creating an attractive and stimulating environment for the SMEs sector by reviewing and developing existing policies, procedures and regulations and establishing an electronic portal that enables these institutions to participate in government tenders and purchases allocated to them, in addition to obtaining a 10% preference when participating in service facilities auctions within government agencies' establishments.
- The initiatives of the Ministry have given special consideration to countering money laundering and terror financing operations. These initiatives also include the launch of a comprehensive electronics service centre “Sijilat 3.0”, and strengthening control through the implementation of governance, compliance of companies and raising the levels of transparency and disclosure.
the Ministry of Industry and Commerce has constituted an Equal Opportunities Committee, a panel created to integrate women’s needs in the framework of equal opportunities in the workplace. The Committee works to achieve the principle of equal opportunities for all employees, beneficiaries and services provided by the Ministry by coordinating with the Supreme Council for Women. The Committee puts forth its opinions in cases related to integrating the needs of the women in the framework of equal opportunities. The Ministry constituted the Equal Opportunities Committee after the issuance of Instructions No. 04 of 2014 of the Civil Service Bureau regarding the creation of an Equal Opportunities Committee in the government sector.
The Equal Opportunities Committee at the Ministry is concerned with developing rules, benchmarks and plans related to the application of equal opportunities and achieving complete integration of women’s needs in the equal opportunities framework, following-up on the application thereof, and providing consultations in coordination with the Supreme Council for Women and the Civil Service Bureau whenever required in accordance with its competences provided for in the law and regulations of Civil Service in the following fields:
- Promoting the equality of opportunities among the employees of the Ministry in matters of appointments, training, exchange programmes and promotions, and guaranteeing the observance of integrating the needs of the working woman.
- Integrating the needs of the women in the framework of equal opportunities in policies, plans and budgets of the Ministry.
- Building capacity of the Ministry’s employees in the field of women’s needs in the equal opportunities framework.
- Improving the status of the woman and her work environment, and overcoming impediments and difficulties that obstruct the application of the principle of equal opportunity at the Ministry.
- Supporting the efforts of the Supreme Council for Women, vitalising and publicising its efforts in the field of equal opportunities, and integrating the needs of the woman in the equal opportunities framework in the Ministry’s programmes in accordance with the national plan programmes for the advancement of the Bahraini woman.
- Realising the principle of equal opportunities for all beneficiaries of the services provided by the Ministry.
