The Kingdom ranked first in the Middle East and North Africa region in terms of financial freedom, investment freedom and trade freedom (The Heritage Foundation – Index of Economic Freedom 2022), as well as economic freedom (Fraser Institute – Economic Freedom in the World 2022).
Bahrain also topped the GCC in terms of effective regulation (Fraser Institute – Economic Freedom in the World 2022), which is a testament to its forward-looking regulatory framework.
In addition, the Kingdom ranked first in the GCC countries in terms of stocks of foreign direct investment (FDI) compared to the GDP for the year 2021 according to the Information and eGovernment Authority, which amounted to 85% of the GDP of the Kingdom of Bahrain. Greenfield was also ranked 11th globally for foreign direct investment projects (FDI Intelligence of the Financial Times – Greenfield FDI Performance Index Report 2022).
In 2022, the Bahrain Economic Development Board, supported by Team Bahrain, attracted more than $1.1 billion in direct investment, a record year for the Kingdom’s Investment Promotion Agency. The investments come from 89 investment projects that are expected to provide more than 6,300 job opportunities in the local market over the next three years. Investments focus on priority sectors, including financial services, information and communication technology, logistics, manufacturing, and tourism.
Commenting on Bahrain’s achievements in 2022, Nada Al Saeed, Head of Strategy at the Bahrain Economic Development Board, said: “Bahrain’s ratings are evidence of its attractiveness to global investors looking to capitalize on our region. We are pleased to see the Kingdom at the top of the regional and global rankings, resulting from The continuous steps taken by governments to build a friendly competitive business environment and attract more direct investment to the country, in line with the objectives stipulated in Bahrain’s economic recovery plan.
Nada Al-Saeed indicated that the strategy for the communications sector, information and communication technology, and the digital economy (20260-2022), which comes within the framework of developing priority sectors within the framework of the economic recovery plan, aims to improve the Kingdom’s comprehensive global position in the e-participation index of the United Nations e-government survey. In addition, the logistics sector strategy is making Bahrain one of the top 20 global destinations for logistics services.
Dr. Faisal Issa Hammad, Assistant Undersecretary for Competitiveness and Economic Indicators at the Ministry of Finance and National Economy, pointed out the importance of ranking Bahrain first ever in the IMD Global Competitiveness Yearbook, which evaluates countries’ competence in managing their resources to achieve this. economic prosperity. He explained that the Kingdom is ranked among the top ten countries in 56 indicators that measure various fields.
The Ministry of Finance and National Economy closely monitors Bahrain’s ranking in global reports, and conducts detailed analyzes and in-depth studies to identify strengths as well as opportunities for improvement in relevant areas.
“These reports help make data-driven recommendations in line with global best practices in order to enhance economic policy. Our team tracks Bahrain’s performance in reputable global reports that assess Bahrain’s competitiveness in various sectors, such as business environment, innovation, and finance.” Dr. Faisal Issa Hammad noted To be regulatory, policy-making and human capital.
“Then, data analysis processes contribute to creating initiatives and reforms that have a positive impact on Bahrain’s economy. In order to develop pioneering policies, we take into account the best global standards and practices applied in various countries around the world, while also analyzing them related to the legislative system and culture in the Kingdom.
It is worth noting that Bahrain has also achieved global rankings for the following: first in female digital skills training and STEM education plan (The Economist Impact and Meta – The Inclusive Internet Index 2022), third for women with degrees, fifth for employment Skilled, and 7th for Financial Skills (IMD Global Competitiveness Yearbook 2022).