According to data compiled from a new report by the Milken Institute, with the support of careful ample planning as well as bold regulatory reforms, the Kingdom of Bahrain is all set to be called as the pivotal hub for the Finance, Technology, and Innovation.
However, the report still suggests that Bahrain requires a lot of collective efforts still in overcoming major challenges as well as various objectives that were laid out in the kingdom’s Vision 2030 strategic plan, initially started way back during 2008.
Claude Lopez Milken Institute director of research in tandem with research analysts Joseph Bendix and Cesar Servin has authored the final report as “Bahrain and the Fourth Industrial Revolution.”
The Milken institute’s director Lopez mentioned that within 2016 to 2018, there was a six-fold surge in foreign direct investment and gave the credit by stating that “The Kingdom of Bahrain has finally developed a complete business-friendly environment, regulatory framework, and support system which ensures it to be a feasible and most attractive global destination for global firms, Infrastructural and technology giants, investors, Start-ups, Entrepreneurs and SME’s.”
With the emphasis clearly on the highly skilled population levels, lower cost of living and as well as the continued investment in technology infrastructure, the Kingdom of Bahrain is all poised for achieving even better positive outcomes in the future.
The Milken Institute report points to recent policy changes that enhance the transparency, shield investors, align with global standards and modernize access to Bahrain’s capital markets, which have yielded measurable results.
In addition, it as well as stated that Bahrain has greater support structures for Small and Medium-sized Enterprises (SMEs) and Start-ups that acts as an attachment with varied government agencies, investors, and different stakeholders to assist businesses growth.
The report aforesaid Bahrain’s sturdy stress on Start-ups and technology comes with challenges that require to be self-addressed to confirm the resilience of the new economic model.
Based on their analysis, the authors conjointly determine many challenges, together with the necessity for Start-ups to grow into larger corporations which will produce additional jobs, access to extremely trained labor to satisfy these extra jobs, and help for existing corporations transitioning to the new digital economy.
The report offers many recommendations, together with helping micro-firms to grow and supply additional jobs, facilitating access to international talent and guaranteeing private-sector wages are competitive.
The report conjointly recommends supporting tiny native corporations with services that may facilitate the transition to digital.