Bahrain to play major role at Davos forum

Bahrain will be playing a major role at the World Economic Forum in Davos, Switzerland. The delegation from the kingdom at the meeting of the good and the great from the world of business, finance and government, include Central Bank of Bahrain Governor Rasheed Al Maraj, Cabinet Affairs Minister Kamal Ahmed, Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa and Mumtalakat Holding Company chief executive Talal Alzain. The global summit, which opens tomorrow and runs until Sunday, is a timely gathering of global leaders under the theme 'The Great Transformation: Shaping New Models.' According to Shaikh Mohammed, it is vitally important that governments continue to create the right environment for firms in the private sector to thrive. "Across the world, future economic growth will depend on a vibrant private sector that is able to create jobs," said Shaikh Mohammed. "Governments have a vital role to play in creating the conditions that enable that to happen - whether it is through targeted investment in infrastructure, education and training or legislation that minimises the regulatory burden that businesses face," he said. Bahrain was forecast to achieve around two per cent growth in 2011 and economic growth in 2012 is forecast by the EDB at almost the 4pc mark. Financial and industrial sectors continued to grow in 2011, at 1.7pc and 3pc respectively, year-on-year. In November, Bahrain raised $750 million from international financial markets through a seven-year sovereign sukuk issue. Bahrain's commitment to liberal economic policies was reflected earlier this month as it was ranked among the world's top 20 most economically free nations and the most free in Middle East and North Africa region by the annual Index of Economic Freedom, published by The Heritage Foundation and Wall Street Journal. Shaikh Mohammed will participate in a session entitled "What is the Role of Business in Society", discussing how the great recession has fundamentally changed societal expectations, who the key stakeholders are and what they value most in this new context and how business can ensure its social licence to operate for the future. He joins the delegation alongside senior figures from the kingdom's thriving private sector - the engine of growth under the Economic Vision 2030.