Industry, Commerce and Tourism Minister Zayed Rashid Alzayani affirmed that Bahrain's aluminum industry is thriving including its entire 12,184 workforce. With a total investment exceeding $5.2 billion and an export value of $1.7 billion, it makes up 12% of Bahrain’s GDP, the minister revealed as he opened today the 32nd Metal Bulletin Conference.

In his inaugural speech, the minister welcomed the conferees to the Kingdom of Bahrain and congratulated them on the official opening of the 32nd Metal Bulletin Conference. "We are honored to have such an esteemed gathering here in our country and look forward to the outcome of your valuable discussions," he added.

"Oil was first discovered in the GCC in Bahrain in 1932, however, the government realized at a very early stage that diversification was a necessity and hence came the birth of the Aluminum industry in the region with the creation of Alba in 1968. With an initial capacity of 120,000 metric tons, Alba ushered a new era in 1971, which continued growing generically through its various expansions as well as from the downstream industries that have been created because of Alba’s existence. Simply put, the downstream sector could not have existed without Alba nor could Alba grow so rapidly without the local offtake. It is a long lasting partnership and one we believe will grow even further with the launch of Alba’s pot line 6," Alzayani said.

"Today, we are extremely proud of our thriving aluminum industry including its entire 12,184 workforce. With a total investment exceeding $5.2 and an export value of $1.7 billion, it makes up 12% of Bahrain’s GDP. Having said that, I would like to pause to recognize and thank all those involved with this industry in Bahrain, you have done a great job and we hereby salute you," he said.

"Over the past 24 months, Bahrain has gone through a major business reform process. With the leadership of HM King Hamad bin Isa Al Khalifa, the guidance of HRH the Prime Minister Prince Khalifa bin Salman Al Khalifa and the personal oversight of HRH the Crown Prince, Prince Salman bin Hamad Al Khalifa the goal was to make Bahrain Business Friendly in the true sense of the word" said the minister.

"The transformation project was so elaborate that we overhauled our whole process of doing business. Throughout the journey, we changed several laws affecting labor affairs, foreign investments, finance, commerce, industry and tourism. New structures such as trusts, protected cell companies, shelve companies, incubators and accelerators were introduced for the first time. Numerous policies and procedures were made redundant and the result culminated in having the full business registration process being web based and paperless. This has shown positive results instantly, with registered companies growing by 160% over the past 24 months and FDI attracted in 2017 approaching a record year," he added.

"At a time when oil revenues are at their lowest, our economy grew at the rate of 4.3% in the last quarter while inflation and unemployment were maintained below 3% & 4% respectively. Our tourism sector grew from 3.4% to 6.1% of our GDP for the same period and it is now one of the fastest growing sectors in our economy. With less than 2% of our business activities restricted to a 100% Bahraini ownership, we can confidently say that we have one of the most transparent, progressive and open economies in the GCC if not beyond."

"Yesterday, we celebrated the launch of Amazon Web Services regional data centers in Bahrain with a potential investment reaching US$1.5 billion dollars to establish the first data storage facility in the Middle East and Africa. Like Alba in the early seventies, this we feel will be the next launch pad for a new chapter of diversification in Bahrain’s economy with innovative progression paving the way the new economy of Bahrain. An economy propelled by innovation and state of the art leading edge technology."

"Furthermore, we see Bahrain well positioned in five sectors being financial services, ICT, tourism, manufacturing and logistics. Nevertheless, as a government, we welcome all other opportunities and stand committed to fully support and facilitate establishment requirements," said the minister.

"Having said that, we invite you take a closer look at Bahrain as a base for your operations in the GCC taking full advantage of our 30% cost advantage when compared to the rest of the region. Our FTA agreements with US, Singapore, GCC, Pan Arab World as well as the EFTA states (Norway, Switzerland, Liechtenstein, and Iceland), add another advantage especially for export based industries. Moreover, our geographical location in the heart of the Arabian Gulf and our excellent logistics and connectivity to our neighbors and the rest of the world by air, land or sea complement our competitive cost structure combining efficiency with economy," he said.

In conclusion of his opening speech, the minister thanked the conference participants, speakers, partners, sponsors, organizers and volunteers wishing them a successful conference and May God bless you all.

Source : BNA