The World Bank Recognises Bahrain Among the Top-10 Most Improved Economies in the World

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MANAMA, Bahrain, October 25 /PRNewswire=KYODO JBN/ --

-  FDI grows from $65 million in 2015 to $1515 million in 2018

    Bahrain has been ranked among the top-10 most improved economies in the

world in this year's Doing Business 2020 report, up 19 places to 43rd place

since last year in the World Bank's assessment of 190 countries. The most

improved economies are selected based on the number of economic programs and

legislative reforms each country has enacted, and on how much their ease of

doing business score improved.

    (Photo - https://mma.prnewswire.com/media/1017399/HE_Zayed_AlZayani.jpg)

    As part of its Economic Vision 2030, Bahrain has implemented a

comprehensive economic reform programme, making it easier to do business in

nine areas measured in the Doing Business ranking, which evaluates a number of

vital indicators of various commercial activities. This has contributed to the

Kingdom benefitting from increased levels of Foreign Direct Investment (FDI),

which grew from $65 million in 2015 to $1515 million in 2018, according to the

UNCTAD World Investment Report 2019. In 2018, Bahrain recorded an annual real

GDP growth rate of 2.2 per cent as well as 3 percent growth in non-oil sectors.

    Commenting on the news, His Excellency Zayed R. Alzayani, the Minister of

Industry, Commerce and Tourism, said:

    "We welcome the recognition of Bahrain as one of the top ten most improved

economies in the world in this year's Doing Business 2020 report by the World

Bank. The tireless efforts of Team Bahrain, which is made up of the Executive

Authority, Legislative Authority, Judicial branches, private sector, and NGOs,

has been acknowledged globally. Although being recognized among  the top ten

most improved economies internationally is in itself an honour for Bahrain and

its people, we stress that our aspirations do not stop here. We will continue

developing our economic programs and initiatives and capitalising on the

opportunities offered to us by regional growth. We aspire to further develop

and strengthen our economy by enhancing our economic diversification efforts,

and by improving Bahrain's business environment in order to provide

opportunities for both local and foreign investors."

    In the Doing Business Report 2020, the World Bank identified Bahrain as

having made the following reforms:

    Enforcing contracts

    Bahrain has made enforcing contracts easier by creating a specialised

commercial court, establishing time standards for key court events, and

allowing electronic service of the summons.

    Getting credit

    Bahrain strengthened access to credit by giving secured creditors absolute

priority during insolvency proceedings. During reorganisation proceedings,

creditors are also now subject to an automatic stay that is limited in time

with clear grounds for relief.

    Protecting minority investors

    Bahrain strengthened the protection of minority investors by clarifying

ownership and control structures.

    Resolving insolvency

    Bahrain made resolving insolvency easier by introducing a reorganisation

procedure, allowing debtors to initiate the reorganisation procedure, adding

provisions on post commencement financing, and improving voting arrangements.

    Trading across borders

    Bahrain made exporting across borders faster by deploying new scanners

powered by artificial intelligence. This system is currently being used at the

King Fahad Causeway. The new scanners have the capacity to seamlessly screen

120 export trucks per hour.

    Dealing with construction permits

    Bahrain has made obtaining construction permits easier by further

streamlining the application process through the new building permit portal

'Benayat', which delegates the application review processes to licensed

engineering firms. This has reduced the time to obtain a construction permit

drastically from 174 days to 71 days.

    Getting electricity

    Bahrain made the process of getting electricity easier by investing in

digitization and transparency of information and by improving its inspection

and installation process. These reforms have reduced the number of days it

takes to connect to the national electricity grid from 85 to 69 days.

    Registering property

    Bahrain has made property registration easier by streamlining

administrative procedures and improving the quality of the land administrative

system, reducing the number of days required to register a property from 31 to

two days.

    Paying taxes

    Bahrain has made paying taxes easier by implementing electronic payment of

social insurance contributions.

    Source: Bahrain Economic Development Board