According to 2019’s Doing Business 2020 Report, Bahrain has got itself pushed 19 places up and have been placed at 43rd place from the previous year and has now been adjudged as amongst the top-10 best improved global economies by the World Bank’s Assessment amongst 190 countries. The Judging criteria rank the most improved economies depending upon: –
- The Number of Economic programs,
- Various Legislative Reforms enacted in each country.
- On the basis of improvement as shown in ease of doing particular business.
Bahrain has initiated and as well enforced upon a comprehensive economic reform program that’s as well part of their Economic Vision 2030, which eases on the practicality to perform businesses in nine areas calculated for Doing Business Ranking, evaluating a number of core indicators for doing various commercial activities.
According to UNCTAD World Investment Report 2019, this innovative program has benefitted Bahrain to have a huge surge in its levels of FDI (Foreign Direct Investments), shooting up all the way from $65 million during 2015 to a staggering $1515 million during 2018. 2018 was capped as the best year for the Kingdom as it registered an overall growth rate of 2.2 percentage on its real annual GDP growth and 3 percent growth in the Oil Sector.
His Excellency Zayed R. Alzayani, the Minister of Industry, Commerce and Tourism stated that “they are really overjoyed and as well as welcoming Bahrain being adjudged as one amongst the topmost ten improved global economies for Doing Business 2020 report for the World Bank.
Team Bahrain’s untiring efforts that are primarily comprised of Executive Authority, Legislative Authority, Judicial branches, private sector, and NGOs, have been highly recognized globally. He also added that their aspirations do not end here as they would keep continuing their excellent work on developing their economic programs, initiatives as well as by optimizing their overall economic diversification efforts that will bring in more honor for Bahrain Government and the general public.”
We plan in the development and strengthening of our economy by enhancing our economic diversification efforts, and by enhancing Bahrain’s business surroundings so as to supply opportunities for both of the native and foreign investors.”
In the Doing Business Report 2020, the World Bank distinguished Bahrain as having created the subsequent reforms:
Bahrain has created imposing contracts easier by making a specialized industrial court, establishing time standards for key court events, and permitting electronic service of the summons.
Getting Surplus Credit
Bahrain’s strong access to credit by giving secured creditors absolute priority throughout insolvency condition proceedings and throughout reorganized proceedings, creditors are currently subject to an automatic keep that’s restricted in time with clear grounds for relief.
Protecting minority investors
Bahrain has strengthened the protection of minority investors by supporting in clarifying the overall possession and management structures.
Resolving economic condition
Bahrain created partitioning economic condition easier by introducing a shakeup procedure, permitting debtors to initiate the shakeup procedure, adding provisions on post-commencement finance, and up choice arrangements.
Trading across borders
Bahrain created mercantilism across borders quicker by deploying new scanners steam-powered by computer science. this technique is presently getting used at the King Fahad Causeway. The new scanners have the capability to seamlessly screen a hundred and twenty export trucks per hour.
Dealing with construction permits
Bahrain has created getting construction permits easier by any streamlining the appliance method through the new permit portal ‘Benayat’, that delegates the appliance review processes to authorized engineering companies. This has reduced the time to get a construction to allow drastically from 174 days to 71 days.
Bahrain created the method of obtaining electricity easier by investment in digitization and transparency of data and by up its examination and installation process. These reforms have reduced the number of days it takes to attach to the national electricity grid from 85 to 69 days.
Bahrain has created property registration easier by streamlining body procedures and up the standard of the land administrative system, reducing the number of days needed to register property from 31 to 2 days.
Paying taxes Bahrain has created paying taxes easier by implementing electronic payment of welfare contributions.