Diversification essential to future of Bahrain’s economy: industry minister

Diversification essential to future of Bahrain’s economy: industry minister

TOKYO: Diversification was essential to the future of Bahrain’s economy, the country’s industry and commerce minister said during a trip to Japan.

Abdullah Adel Fakhro was speaking during his visit to the east Asian nation to explore new business opportunities between the two countries.

He told Arab News Japan: “Bahrain’s economy cannot survive (as a single property economy). We have been seeking to become diversified. This includes the financial services sector, which for the first time has exceeded the oil sector in the GDP (gross domestic product).

“The purpose of this visit is to really grow our presence in the non-oil parts of our economy, specifically industry and the ICT (information and communications technology) sector, as well as other industries such as medicine, aluminium, and petrochemicals, and food security and tourism.

“Today, the economy has become highly diversified. In the past, 40 percent of Bahrain’s GDP was from the oil sector, whereas today it makes up almost 20 percent.

“So, we are well on our way toward diversifying into an economy that is not dependent upon the price of oil,” he said.

Fakhro arrived in Japan with a 30-strong delegation that included representatives from the private and public sectors. Six different government entities were represented along