The government of Bahrain has recently rejected a parliamentary draft law that aimed to restrict financial support from the Labour Fund and Tamkeen to companies and institutions owned entirely by Bahraini nationals. The government argued that this proposed law would hinder the main objective of the Labour Fund, which is to stimulate private sector growth and ultimately promote economic advancement within the Kingdom. Tamkeen, in response, reiterated its commitment to supporting all private sector entities registered in Bahrain under the Commercial Companies Law, regardless of ownership structure. The support provided by Tamkeen is designed to strengthen the national economy and enhance the skills of Bahraini citizens, making them more competitive in the job market.
The proponents of the draft law believed that it would enhance the competitiveness of Bahraini institutions and companies with partial Bahraini ownership. However, the government decided to reassess the draft law, stating that its objectives had already been achieved through existing policies and initiatives. The government also raised concerns about the potential negative impact on the national economy and the importance of preserving the resources of the Labour Fund. Tamkeen emphasized the need to maintain the current provisions in order to support consistency with the national economy and continue benefiting citizens and various sectors through new programs aligned with the government’s economic recovery plan.
Despite the rejection of the draft law by the government, Tamkeen will continue to provide support to all private sector institutions registered in Bahrain, regardless of ownership structure. This decision is in line with the government’s strategy to promote private sector development, attract investment, and ultimately contribute to the economic growth and prosperity of the Kingdom. By rejecting the proposed restrictions on financial support, the government and Tamkeen are demonstrating their commitment to creating a business-friendly environment that fosters innovation, growth, and job creation for Bahraini workers.
In conclusion, the government’s decision to push back against the parliamentary draft law highlights the importance of supporting all private sector entities in Bahrain, regardless of ownership structure. By maintaining an inclusive approach to supporting businesses and institutions, the government and Tamkeen are working towards enhancing the skills and capabilities of Bahraini citizens, promoting economic growth, and creating new job opportunities. This decision not only benefits the national economy but also demonstrates a commitment to fostering a competitive and thriving business environment in Bahrain.
