Speaking on the sidelines of the Gulf International Industry Fair 2009, the prime minister said Bahrain had worked hard over the past years to develop a mechanism to keep prices stable.
He added that food prices in Bahrain are very competitive due to the government’s stringent policies
“Despite the recent price hike across the region, the prices of various commodities in Bahrain decreased and this trend supports the government policy in terms of subsidies aimed at improving the quality of people’s life,” he said.
Sheikh Khalifa, who was joined by senior ministers and government officials during the opening of twin expos at the Bahrain International Exhibition Center (BIEC), said the impact of the subprime crisis was still there but hoped these effects would not last for a long time in Bahrain specifically and in the GCC generally.
“Bahrain, being a part of the global economy, has been affected by the global financial crisis but the impact is much less compared to other GCC economies. In Bahrain there has been very limited impact since the crisis started few months back. We hope this financial crisis ends quickly and the region’s economic activities will be back on track soon,” he said.
The prime minister also underlined the importance of Bahrain as an emerging hub for meetings, incentives, conferences and exhibitions. He said such activities would continue to serve as a cornerstone for the development of the national economy.
Sheikh Khalifa visited the Baytik Industrial Oasis (BIO) pavilion and was briefed by top officials of Kuwait Finance House-Bahrain (KFH-B) on the upcoming BIO project in Hid area.
“The huge expansion of economies in the Arabian Gulf has stimulated soaring investment opportunities in domestic manufacturing. As in Bahrain, most GCC (Gulf Cooperation Council) countries are tending to reduce economic dependence on oil and gas by developing industrial zones to stimulate growth in manufacturing. According to latest statistics, the total value of all non-oil and gas industrial projects in the region already exceeds $ 115 billion,” said Osama Al-Khajah, chairman of BIO and head of project development at KFH-B.
