Manama: A new investment law that will make it easier for investors to enter and exit the market is being drafted by Bahrain Chamber of Commerce and Industry (BCCI).
In a statement yesterday, the chamber’s second vice-chairman Abdulhameed Al Kooheji said the process of finalising a draft law for investment in Bahrain was ongoing.
The law mainly aims to reinforce the competitiveness and attractiveness of the Bahraini market, remove impediments for foreign and domestic investments and enhance confidence in the investment and business climate of Bahrain.
“It is important to have a unique investment law that stimulates the flow of investments and puts Bahrain on the map of attractive investment destinations in line with economic reforms initiated by the wise leadership, Vision 2030, and the aspirations of the business community,” said Mr Al Kooheji.
“The law is to safeguard investors’ interests, encourage their growth, and grant them the liberty to leave the market should they chose to.”
BCCI’s director of legal and arbitration Mohammed Al A’amer said a first draft of the law had been completed and sent to the legal committee of the chamber for editing and reviewing.
The committee will send it to relevant internal sectorial and joint committees, and to relevant external bodies such as the Industry, Commerce and Tourism Ministry, Economic Development Board and parliament for editing and reviewing.
After incorporating the proposals of all the relevant bodies, the draft law is to be submitted to the chamber’s board for approval and subsequently to the ministry for legislative and executive procedures to have the law issued and implemented.
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