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Regulatory framework vital for private sector - Bahrain
01/11/2013
ΠΗΓΗ:Gulf Daily News

Bahrain's perspective on how policymakers can create a framework for global growth, and how businesses can tackle the challenges inherent to a changing world was offered to a top Islamic forum.

This was presented by Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed during a panel discussion at the ninth edition of the World Islamic Economic Forum (WIEF) held in London.

The three-day forum concluded yesterday.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and EDB chairman, accompanied by senior officials from Bahrain, also participated in the forum along with delegates from over 115 countries.

The panel discussed various measures businesses can take in order to enhance their trade and investment internationally, especially in the context of Islamic finance.

The minister emphasised the importance of governments investing in infrastructure, legal system and regulatory framework development in order for the private sector to grow.

Mr Ahmed stressed the importance of having sound public policies that encourage private enterprises, promoting strong government-business collaboration.

He added this will also ensure that the private sector has the opportunity to serve market demand, citing the kingdom's deregulation of the telecommunications sector as an example.

Speaking alongside Mr Ahmed were Malaysia's Minister of International Trade and Industry Mustapha Mohamad, UK Minister of State for Trade and Investment Stephen Green, Jordan's Minister of Planning and International Co-operation Ibrahim Saif, Tunisia's Minister of Industry Mehdi Jomaa and broadcast journalist Maryam Nemazee.

Some of the domestic policies highlighted by Mr Ahmed during the conference included the strengthening of physical infrastructure and telecom systems, along with the removal of impediments to private sector's growth. Also mentioned were the many ways in which governments can work to stimulate the Islamic finance industry, such as through the provision of specialised training and education programmes, which can be seen in Bahrain.

International policies discussed included the facilitation of various governments in easing the path of businesses that invest internationally.

Research and development, standardisation and new product development were other issues tackled in the panel discussion.

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