A group of MPs in Bahrain has put forward a proposal for an Industrial Development Fund to stimulate economic growth in the country. The legislation aims to create an independent fund with legal and financial autonomy, overseen by a designated government minister. The MPs behind the proposal, which includes Ahmed Al-Salloom, Khaled Buanak, Zainab Abdul Amir, Eman Showaiter, and Maryam Al-Dhain, seek to enhance economic progress and ensure prosperity for Bahraini citizens by following the guidelines set out in the Bahraini Constitution.
The proposed law outlines several key objectives, such as supporting the transformation of Bahrain’s industrial sector by embracing the Fourth Industrial Revolution and future industries like renewable energy, petrochemicals, and microelectronics. The legislation also aims to increase the industrial sector’s contribution to the national GDP, boost exports of domestically produced industrial goods, and enhance their competitiveness in global markets. Additionally, it seeks to develop the private sector to drive economic growth in non-oil industries and align with the country’s economic diversification goals.
Overall, the Industrial Development Fund proposal is intended to accelerate industrial development, create employment opportunities, and strengthen Bahrain’s economy. The MPs refer to Article 10 of the Bahraini Constitution, which advocates for a national economy based on social justice and equitable cooperation between public and private sectors. They also cite Article 92, which allows them to submit legislative proposals, in support of their efforts to promote economic development through a planned approach.
By establishing an Industrial Development Fund, the lawmakers hope to stimulate economic growth in Bahrain and ensure prosperity for its citizens. The proposed legislation aims to drive industrial progress in various sectors, including renewable energy, manufacturing, and pharmaceuticals, to enhance Bahrain’s competitiveness in global markets. Additionally, it seeks to support the private sector in driving economic growth across non-oil industries, aligning with the country’s economic diversification goals.
In conclusion, the proposed Industrial Development Fund in Bahrain aims to boost economic growth, create job opportunities, and strengthen the country’s economy. The legislation, put forward by a group of MPs, seeks to support the industrial sector in its transformation and increase its contribution to the national GDP. By focusing on areas such as renewable energy and petrochemicals, the fund aims to position Bahrain as a competitive player in the global market while fostering economic development and prosperity for its citizens.
