Manama: Major investors in Bahrain’s economy should be given priority access to government services, according to a prominent group of Asian businessmen.
Bahrain Asian Traders Committee (BATC), which falls under the Bahrain Chamber of Commerce and Industry, wants to see so-called “privilege cards” introduced to act as a reward for foreign investors.
“We have proposed introducing privilege cards for Asian businessmen who invested large amounts of money in Bahrain,” said committee head Mohammed Sajid.
“These cards would give them priority access to government and other services, which would be like an incentive for them.”
The proposal will be among the topics discussed at the inaugural BATC-organised “Gateway to the Gulf” forum, set to be held in January.
“We want to bring 50 to 60 top Asian businessmen from 17 countries including China, India, Pakistan, Malaysia, Indonesia and also from the GCC states to attend this forum,” said Mr Sajid.
“There are around 80 commercial registrations owned by Asian families in Bahrain, many of whom have been in this country for 100 years or more.
“We do not want them to invest outside Bahrain but instead re-invest and expand their businesses here.”
Bahrain’s low overhead costs and skilled local workforce should make it easy to attract foreign investment, Mr Sajid said.
”You can hire a qualified Bahraini on a salary of BD300, for example, without the need to pay rent allowance or any visa fees and this should attract businesses,” he said.
“Also, with the current plans to lift subsidies on meat then the monopoly that was previously held by one livestock company will come to an end, meaning more players can enter that market.
“There are other sectors such as manufacturing and industry that we are looking into as Bahrain’s government is wisely keen to diversify the economy rather than be dependent on oil.”
Around 7,000 Asian businessmen and investors are already in Bahrain and top tycoons from Dubai and other Gulf states could easily be wooed to invest in Bahrain, Mr Sajid predicted.
“Bahrain is the best platform in the region to do business and gateway to the Gulf,” he said.
“Yes there are some challenges, but we know for a fact that the government is ready to roll out the red carpet for Asian businessmen.”
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