Market

Bahrain set to reap benefits of 4.0 Industrial Revolution

Manama, The global economy is changing at a rapid pace and in order to keep abreast with the dynamics of businesses worldwide, Bahrain has embarked on a major reform agenda as part of Vision 2030, a minister has said.

Zayed bin Rashed Al Zayani, the Minister of Industry, Commerce and Tourism said that there was a need of education reforms to cope with the challenges posed by the rapidly changing economic and business dynamics.

During a panel discussion at the Arab Business Investment Conference (ABIC 2019), Al Zayani said that the reforms are key to reap the benefits of the 4.0 Industrial Revolution and the Government has been proactively pursuing the necessary reforms from the academia to regulatory landscape.

The panel discussion on the third day of the conference was held under the theme Disrupt or be Disrupted: The Road to a Digitec Transformation, Dialogue with the Policy Makers/ Ask the Regulators.

Held under the patronage of HM King Hamad bin Isa Al Khalifa, the 18th ABIC was attended by thousands of delegates.

With the theme 4th Industrial Revolution Shaping the Future Digital disruptions for a better tomorrow, the forum featured deliberations during parallel and concurrent sessions.

The interactive session was attended by addressed by the other panelists including was also attended by Dr Khalid Hanafi, General Secretary of Union of Arab Chambers, Dr Majeed Al Qassabi, Minister of Commerce and Investment, Kingdom of Saudi Arabia, and Mr Khalid Al; Roudhan, Ministry of Commerce and Industry Kuwait.

The private sector is the engine of growth as we are bidding farewell to subsidies regime in Bahrain,” Al Zayani said.

“As a private sector player, you are always a part of the global business and this means you have to be competitive, profitable and sustainable while working with the global peers without the crutches of Government support, Al Zayani said, adding that Export Bahrain experience was good as 30 companies had managed exports worth $15 million.

Source: Bahrain News Agency