Bahrain moves toward increased economic openness

The Bahraini Gulf News Agency has reported that the ruler of Bahrain, Sheikh Hamad Bin Issa al-Khalelfa, has promised to take new measures in order to increase economic openness.

In a speech he delivered upon visiting the premises of the general leadership of the defence forces, Sheikh Hamad said, "Since we assumed power in the country we have been careful to strengthen the economy. We will exert more efforts to have a developed and open economy."

Bahrain is considered to be one of the main financial markets in the Gulf, along with Dubai.

Sheikh Hamad has continued the policy of economic openness since the death of his father, Sheikh Issa bin Salman al-Khalelfa.

The increase in oil prices helped in reducing the fiscal discrepancy in Bahrain's budget and made its economy more attractive for foreign investments. Nevertheless the government in Bahrain still seeks to attract more foreign investments in order to limit its reliance on oil revenues.

In June, the authorities in Bahrain announced that they intended to cancel a decision making it compulsory for foreign companies to contract with local partners as of the year 2002.

Sheikh Hamad added, "What we have made is very obvious towards strengthening national unity through pardoning those who were mistaken." In reference to the Shiite opposition he said Bahrain will "join efforts with the sincere groups of our people, regardless of their creeds or origin, on basis of strong national spirit and through consulting on mutual views and vision in seek for a better future. "