The recent weekly Cabinet Meeting chaired by HRH Prince Salman bin Hamad Al Khalifa focused on key economic and legislative matters, including the approval of negotiations for a free trade agreement between GCC countries and the UK. This agreement aims to boost economic collaboration and trade relations between the two regions. The Cabinet also reviewed the quarterly economic report for the first half of 2024, which highlighted a 2.3% annual GDP growth driven by a 3.1% increase in non-oil activities, despite a 2.1% decrease in non-Bahraini workers in the private sector.
In addition to the free trade agreement, the Cabinet discussed a resolution by the GCC Standing Committee for Combating Harmful Practices in International Trade, proposing anti-dumping duties on certain imports within the GCC to protect local markets. Furthermore, two draft resolutions aimed at enhancing commercial registration procedures were reviewed to streamline business operations in Bahrain. These initiatives are part of the government’s efforts to boost the economy and promote a more business-friendly environment.
On the legislative front, the Ministerial Committee for Legal and Legislative Affairs presented three proposals and two laws from the Council of Representatives for the Cabinet’s consideration. This highlights the ongoing focus on developing a robust legislative framework to support Bahrain’s economic growth and development. The government continues to prioritize sustainable growth and development through policy initiatives aimed at enhancing the country’s economic landscape.
The Minister of Labour and Chairman of the LMRA provided an update on the Labour Registration Program, which has seen a significant reduction in irregular workers by 63% since its launch. The program has also led to a 98% increase in compliant establishments and conducted 93,154 inspections. These efforts are crucial in ensuring a more regulated and compliant labor market in Bahrain. Additionally, the Minister of Housing and Urban Planning reported on developments concerning the Government Land Development Rights Program, emphasizing effective land management and urban planning in the country.
Overall, the Cabinet’s focus on economic and legislative matters highlights Bahrain’s commitment to sustainable growth and development. By approving measures to enhance economic collaboration, streamline business operations, and regulate the labor market, the government is working towards creating a more conducive environment for businesses to thrive. These initiatives are essential in positioning Bahrain as a competitive player in the global economy and attracting investment opportunities for future growth and prosperity.
