Bahrain Unveils Ambitious Plans to Streamline Commercial Procedures and Boost Foreign Investment in 2023

Bahrain, a leading destination for foreign investment in the Gulf region, has announced a comprehensive strategy to enhance its business environment and attract more international investors. The government's four-year action plan aims to streamline commercial procedures, reduce bureaucratic hurdles, and improve the overall efficiency of establishing businesses in the country.

The Government Action Plan, set to be implemented from 2023 onwards, encompasses a range of initiatives aimed at enhancing Bahrain's attractiveness to foreign investors. By reviewing social welfare benefits and subsidies, supporting higher education, increasing wages in the public and private sectors, and subsidizing electricity and water for expatriates and companies, Bahrain aims to create a business-friendly environment that fosters growth and prosperity.

One of the key focus areas of the plan is the banking sector. The Central Bank of Bahrain (CBB) has set a target to onboard the entire Bahrain banking sector onto the Arabian Gulf System for financial Automated Quick Payment Transfer (AFAQ) by the end of 2022. AFAQ is a cutting-edge real-time service for cross-currency, cross-border payments between GCC countries. This initiative will facilitate seamless and efficient financial transactions, further bolstering Bahrain's position as a regional financial hub.

The banking sector in Bahrain is already well-capitalized and has demonstrated robust growth in non-bank deposits and lending throughout 2022. With the implementation of AFAQ and other strategic measures, Bahrain aims to strengthen its financial infrastructure and attract more international banks and financial institutions to establish a presence in the country.

Bahrain's commitment to creating a favorable business climate has already garnered attention from international investors. The country's strategic location, well-regulated financial sector, and supportive government policies make it an ideal destination for businesses looking to expand into the Gulf region.

As Bahrain embarks on this transformative journey, it remains committed to ensuring a seamless transition and addressing any challenges that may arise. The government welcomes feedback and suggestions from stakeholders and is dedicated to continuous improvement and collaboration.

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This release was published on openPR.