Bahrain - November 22, 2023 - The Kingdom of Bahrain has announced a comprehensive strategy aimed at streamlining commercial procedures, fostering economic growth, and attracting foreign investment. The four-year Government Action Plan, set to be implemented in 2023, encompasses a wide range of initiatives designed to bolster the country's business environment and elevate its appeal to international investors.

Central to the plan is a concerted effort to reduce bureaucratic hurdles and enhance the efficiency of commercial procedures, with the goal of making Bahrain a more attractive destination for foreign investment. By simplifying the process of establishing a business, the government aims to create a more conducive environment for entrepreneurship and economic development.

In addition to these measures, the Government Action Plan includes a thorough review of social welfare benefits and subsidies, signaling a commitment to enhancing the overall quality of life for Bahraini citizens. The plan also outlines support for higher education, an increase in wages across the public and private sectors, and the subsidization of electricity and water for expatriates and companies, all of which are intended to further bolster the country's economic landscape.

Furthermore, the Central Bank of Bahrain (CBB) has made significant strides in modernizing the country's financial infrastructure. The completion of the onboarding of the entire Bahrain banking sector onto the Arabian Gulf System for financial Automated Quick Payment Transfer (AFAQ) by the end of 2022 represents a major milestone. This real-time service for cross-currency, and cross-border payments between GCC countries is poised to significantly enhance the efficiency and convenience of financial transactions within the region.

The banking sector in Bahrain has demonstrated robust growth, with substantial increases in both non-bank deposits and lending recorded in 2022. This trend underscores the resilience and strength of the sector, positioning Bahrain as a key financial hub in the region.

The comprehensive nature of the Government Action Plan reflects Bahrain's unwavering commitment to economic development and prosperity. By prioritizing the enhancement of the business environment, the government aims to position Bahrain as a leading hub for investment and entrepreneurship, fostering sustainable growth and prosperity for the nation and its people.

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