|
Interview with Sheikh Mohammed Bin Essa Al Khalifa, Chief Executive, Bahrain Economic Development Board, on parallels between the Middle East and Asia.
 Which challanges do you see as being the most critical in the East Asia region?
I would highlight two issues, each of which we have faced or are facing here in the Middle East.
First is how to manage a long period of above-average growth. For China and some of the other East Asian markets, booming economies have to be managed carefully to ensure that they don’t overheat and that today's growth is nurtured into long-term prosperity in the future.
Second is the issue of regional cooperation. Whilst neighbouring countries will always share an element of competition when it comes to international trade and investment, there is also real strength and opportunity in cooperation. The experience of the Gulf States in creating the Gulf Cooperation Council has been almost wholly positive and I believe that the East Asian economies can learn from that.
Which sectors and technologies are the most innovative in Bahrain?
The area in which we’re probably most innovative is in the simple fact that we have so many different sectors. Bahrain took the lead in diversification from oil within the region and have lessened our oil-dependence over the years so that we now have a strong range of non-oil industries.
Within those sectors, two in particular stand out.
First, financial services. Bahrain is rightly regarded as the financial capital of the Middle East, with more than 350 banks and other financial institutions based here. A strong regulator, coupled with our advanced telecoms and other IT infrastructure, makes Bahrain an easy choice for traditional and Islamic institutions. |  |
"Whilst neighbouring countries will always share an element of competition when it comes to international trade and investment, there is also real strength and opportunity in cooperation."
|
The second is our downstream sector, in particular our aluminium production capability. Alba’s production facility is the largest modern smelter in the world and is a good example of a ‘traditional’ industry which continually uses modern technology to improve its capabilities. In addition to those two sectors, we are currently focusing growth in four other areas: tourism, logistics, business services and health, education and training.
What are the key characteristics of Bahrain's most successful businesses?
That’s a difficult question to answer given the sheer diversity of our commercial sector. Bahrain has always been a trading nation, with a history as a trade centre going back more than 4,000 years. Today, we have many different types of businesses, each with its own story and its own particular strengths.
I think that one common strength is that ability to trade. Because we are a small country, we’ve always adopted a very open mindset to trade and foreign commerce. Today that is reflected in a wide range of free trade agreements, including the first in the Gulf with the United States. Our businesses tend to take a very positive attitude to international trade.
|
