Speaking at the opening of the conference, Chairman of the Bahrain Chamber Sameer Nass emphasized the important role of the ten permanent committees in issuing recommendations for the economic sectors. He added that the conference serves as a platform for providing opinions and recommendations to the government, with a focus on the direct impact of economic decisions on the local market and financial flows, and that the Chamber looks forward to achieving tangible results regarding all economic issues at all levels, especially since Bahrain is in the process of formulating its 2050 economic vision, in which the private sector will participate in consultations to contribute to shaping a more prosperous and thriving future for the national economy, meeting the aspirations of the Bahraini society.
Nass revealed that the fourth edition of the Committees Conference next year in 2025 will be themed "Bab Al Bahrain Trade Conference," acknowledging the role and significance of this site and its great history as the cradle of economic life in Bahrain.
For his part, head of the Committees Steering Group and vice-treasurer Waleed Kanoo affirmed that the Chamber, its Board of Directors, executive and administrative departments, and committees are working diligently to provide support and assistance to all those working in the trade, investment, and industrial sectors, playing a role in defending the interests of the private sector and serving as a link between the private sector's visions, ideas, and proposals and government programs and strategies. He added that the third conference of the sectoral committees discusses important economic issues related to sustainable development and the creation of encouraging and responsive infrastructures, with the goal of enhancing cooperation, unifying efforts, and achieving developmental objectives for the benefit of both the public and private sectors.
The conference also hosted globally renowned speaker Verne Harnish, and held three panel discussions, the first themed “Legislation supporting economic structure”, and the second themed “Private sector role in Economic Development”, and the third “Facilities supporting the growth of the private sector and the stimulating environment for promising projects.”
The conference recommended, in its final statement delivered by Khaled Mohammed Najibi, the First-vice Chairman of the Bahrain Chamber, the formulation of legislation, laws, and regulations that contribute to achieving a transition to a productive economy with high-value-added economic activities. It called for supporting the organization and development of the logistics sector and free trade zones, as well as granting administrative and financial independence to the private education and training sector. The statement also emphasized the need for a comprehensive review of laws and regulations related to the tourism and hospitality sector. Furthermore, the conference's recommendations called for localization of government procurement contracts and enhancing their governance to ensure the participation of Bahraini private sector companies.
The recommendations highlighted the importance of enhancing cooperation between the public and private sectors to promote local industries and products. It emphasized the development of an information database for infrastructure services and private and government investment projects to increase efficiency and effectiveness and make them accessible to businesses. The recommendations also emphasized the importance of expediting the privatization of specific government service sectors to increase diversity and service efficiency. The launch of a comprehensive guide to government procedures was suggested to ensure coordination and flexibility among ministries and licensed entities, thereby enhancing investor confidence and encouraging investment. Additionally, the recommendations focused on developing and modifying procedures that support the stability and future growth of the real estate and construction sectors.
The conference's final statement concluded by calling for creating a conducive environment for credit facilities for banks, facilitating credit transactions for small and medium-sized enterprises while prioritizing support for promising sectors. It also urged the establishment of partnerships between local small and medium-sized enterprises and large factories to encourage local industries. The statement emphasized the need to expedite the implementation of credit ratings for companies and institutions to determine and ensure their liquidity. Furthermore, it called for the establishment of modern industrial and commercial business centers within tax-free free zones equipped with all necessary facilities and amenities.