Business Freedom Key to Growth

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H.E. Kamal Bin Ahmed at Davos

 
H.E.Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive, Bahrain Economic Development Board, offered some compelling views at the recent World Economic Forum Annual Meeting in Davos.
 
Expanding on the summit’s theme – The Reshaping of the World: Consequences for Society, Politics and Business – Kamal bin Ahmed addressed a session titled ‘The Arab World Context: What challenges and transformations are shaping the leadership context in the Arab world?’
 
The session focused on three key areas: putting transitions on a stable and inclusive track, shoring up employment for youth, and fostering cross-regional collaboration.
 
The right environment
The starting-point for his speech was change in the global economy – in particular, that governments must continually adapt if they are to continue to create the right environment for firms in the private sector to thrive.
 
Economic growth must be inclusive
Kamal bin Ahmed said: “There have been plenty of changes in the global economy in the last decade, though this year economies in the West will come to the conference as optimistic as they have been since the start of the financial crisis. In spite of this renewed optimism and continued strong performance in markets such as the GCC, the problem of ensuring that economic growth is inclusive and benefits all in society remains.”
 
Towards a thriving public sector
He went on to comment: “For us in Bahrain, a liberal business environment allowing a thriving private sector that can create high-quality jobs and training and education that prepares local workers to compete in a global economy is at the heart of the answer to that problem.”
 
Economic freedom works
Bahrain’s commitment to liberal economic policies is firmly recognised. In January, Bahrain was ranked among the world’s top 15 most economically-free nations and the freest in MENA by the annual Index of Economic Freedom, published by The Heritage Foundation and Wall Street Journal. Bahrain was recently ranked first, with the UAE, in the Fraser Institute’s annual report on Economic Freedom of the Arab World, and has done so since 2009.