New national economic growth and fiscal balance plan announced

New national economic growth and fiscal balance plan announced

The Government of the Kingdom of Bahrain today announced a new national economic growth and fiscal balance plan. The multi-year plan represents one of Bahrain’s largest economic reform programmes, with the aim of enhancing the economy’s long-term competitiveness and supporting the post-COVID 19 recovery. The new five-pillar plan, which aligns with Bahrain’s Economic Vision 2030 and the Kingdom’s intention to achieve net zero by 2060, includes: 1. A new Labour Market Reform Plan: including a long-term National Labour Market Strategy; a review of labour fees; and a new Tamkeen Strategy (Bahrain’s public authority which supports the development of the private sector) to continue upskilling the Bahraini workforce. The program aims to create 20,000 Bahraini jobs and train 10,000 Bahraini annually until 2024. 2. A Regulatory Reform Package: including simplifying the process of business licenses approval procedures; the launch of a new Government Land Bank; an online portal to showcase investment opportunities; launching an online portal to digitize and simplify urban planning related services; and the launch of a new residency permit program to attract talent and investors. The package aims to support $2.5 billion of Foreign Direct Investment by 2023. 3. A Strategic Projects Plan: catalyzing over $30 billion of