Bahrain progresses toward becoming a major technology and innovation hub

      Published on Monday, 20 January , 2020      116 Views     
Bahrain progresses toward becoming a major technology and innovation hub


Through careful planning and bold regulatory reforms, the Kingdom of Bahrain is poised to become a major hub for finance, technology, and innovation, according to a new report released today by the Milken Institute.




However, Bahrain needs to continue its efforts to overcome challenges and achieve the objectives laid out in the Kingdom’s Vision 2030 strategic plan launched in 2008.

The report, Bahrain and the Fourth Industrial Revolution, is authored by Claude Lopez, Ph.D., Milken Institute director of research, together with research analysts Joseph Bendix and Cesar Servin.

Bahrain has developed a business-friendly environment, regulatory framework, and support system that make the Kingdom an attractive destination for global companies, investors, and entrepreneurs,” said Lopez, citing a six-fold increase in foreign direct investment between 2016 and 2018. “With its skilled population, low cost of living, and continued investment in technology infrastructure, Bahrain is positioned to continue to achieve positive outcomes.”

The Milken Institute report points to recent policy changes that increase transparency, protect investors, align with international standards, and modernize access to Bahrain’s capital markets, which have yielded measurable results.

In addition, Bahrain has enhanced support structures for small and medium-sized enterprises (SMEs) and startups that connect government agencies, investors, and other stakeholders to help businesses grow. Today, three Bahraini firms are listed among the top-100 startups by Forbes Middle East, and the Kingdom boasts the largest share of female founders in the Middle East and North Africa in the 2019 Global Startup Ecosystem Report.

Bahrain’s strong emphasis on startups and technology comes with challenges that need to be addressed to ensure the resilience of the new economic model. Based on their analysis, the authors identify several challenges, including the need for startups to grow into larger firms that will create more jobs, access to highly trained labor to satisfy these additional jobs, and assistance for existing firms transitioning to the new digital economy.

The report offers several recommendations, including:

• Assist micro-firms to grow and offer more jobs

• Facilitate access to international talent

• Ensure private-sector wages are competitive

• Support small local firms with services that can help with the transition to digital



Bahrain and the Fourth Industrial Revolution was produced by the Milken Institute with support from the Bahrain Economic Development Board.

Keywords:
Category Bahrain News, Business | 2020/01/20 latest update at 10:13 PM
Source : Saudi Gazette | Photocredit : Google
117 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.


Safe return of Bahrainis abroad priority says King King

Safe return of Bahrainis abroad priority says King

His Majesty King Hamad yesterday pledged to spare no effort for quick return of all Bahrainis stranded abroad.…

HM King patronises joint tactical drill; praises BDF’s anti-COVID-19 efforts King

HM King patronises joint tactical drill; praises BDF’s anti-COVID-19 efforts

His Majesty King Hamad bin Isa Al Khalifa, the Supreme Commander, today patronised the tactical drill (Shield of…

Bahrain Royal Decree Pardons 901 Inmates King

Bahrain Royal Decree Pardons 901 Inmates

Bahrain’s King Hamad bin Isa Al-Khalifa has issued a royal decree pardoning 901 inmates “for humanitarian reasons, in…

HM King issues royal decree pardoning 901 inmates King

HM King issues royal decree pardoning 901 inmates

His Majesty King Hamad bin Isa Al-Khalifa, the Supreme Commander, has issued a royal decree pardoning 901 inmates…

GULF TV

Popular in GULF TV

7 Action Movies You Can Not Miss In 2019

1009 Views

7 Action Movies You Can Not Miss In 2019  

Latest videos in GULF TV

Events

Bahrain events

Lifestyle

Culture

Bahrain Culture, Bahrain, Bahrain News

Sport

Science & Technology

Government

Bahrain Government, Bahrain Government News, Bahrain News, Gulf News, News, Bahrain News