10 June 2010
Bahrain Economic Development Board: Trillion dollar Gulf can create opportunities for US companies
Bahrain (Manama) - The trillion dollar Gulf can create opportunities for US companies, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB) has told CNBC.
In an interview from the broadcaster’s global headquarters in New York, Shaikh Mohammed highlighted the potential for strengthening bilateral commercial and economic ties.
“There is a very good story to tell (about the Gulf). The whole Gulf region is a growing single market worth US$1 trillion today; it will be US$2 trillion (by 2020)… We are here to get the message across to US companies that there are growth opportunities for them to sell into – and also to invest in – the region; it’s a win-win situation.”
Asked if Bahrain was competing with Dubai, Shaikh Mohammed outlined the Kingdom’s ambition to contribute to the growth of the Gulf as a whole.
“We don’t see this as a zero sum game. Dubai’s strength is our strength. Bahrain’s strength is Saudi’s strength. People talk about China and India. Our aspiration actually is that they talk of China, India and the GCC.”
He added that Bahrain itself is the most established financial capital of the Middle East with the largest number of regulated institutions, over 400. Financial services is the largest sector of the Bahrain economy, the most diversified in the Gulf; manufacturing is the second largest sector.
Shaikh Mohammed told CNBC that the Kingdom is looking to the post-oil economy. He is currently leading a Bahrain delegation in the US to meet with business leaders and discuss opportunities in non-oil sectors presented by the Bahrain-US Free Trade Agreement (FTA).
The EDB itself has the responsibility for creating the right climate to attract foreign investment and is leading the process of Bahrain’s Vision 2030 under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB. The plans are designed to drive the private sector as an engine for growth, support further diversification of the economy and ultimately elevate national living standards by creating greater opportunities for Bahrainis.
CNBC will start broadcasting live from Bahrain on 14 June having itself chosen the Kingdom as its regional base.
cnbc.com
