——————————————————————————–
Reforms ‘vital for progress’
Published: 30th August 2008
Bahrain’s private sector should be more adaptable to the increased competition and globalisation, says Crown Prince and Deputy Supreme Commander Shaikh Salman bin Hamad Al Khalifa.
He made the remark in an interview with John Defterios on CNN Market Place Middle East that was aired twice yesterday.
——————————————————————————–
Reforms ‘vital for progress’
Published: 30th August 2008
Bahrain’s private sector should be more adaptable to the increased competition and globalisation, says Crown Prince and Deputy Supreme Commander Shaikh Salman bin Hamad Al Khalifa.
He made the remark in an interview with John Defterios on CNN Market Place Middle East that was aired twice yesterday.
Shaikh Salman assured that Bahrain will continue to have the freest and the most liberal political environment in the region despite heated protests witnessed recently.
He denied claims there was resistance to reforms within the government saying it was vital that it should not to be addressed as such.
The present system needs to counter the innovative global challenges.
He stressed on the democratic temperament of Bahrain saying respect should be given to all people irrespective of religion, caste and creed.
“It’s important that we don’t characterise it (opposition) as resistance within government,” said Shaikh Salman.
“The system itself needs to be developed to respond to the new international challenges.
“Also the private sector needs to be more adaptable to the increased competition and globalisation.
“Change is a constant, change is here, change is never easy but it must be tackled with the right ambition and energy to achieve success.
“Bahrain is multi-cultural, multi-ethnic and a multi-denominational society.
“So respect must be extended to all people whether they are Sunni, Shi’ite, Christian, Jewish or Buddhist.
“I am very focused on making sure that poverty or relative poverty is addressed in the kingdom and distribution of wealth is managed in a proper manner.
“The only way to really achieve that is to increase productivity and make people feel a sense of betterment in their lives when they work; and that their children will have more potential and more opportunity than they did.”
He pointed out a misconception that Bahrain is against protests or unable to accommodate it in its political fabric.
“Bahrain is and will continue to be the freest and most liberal political environment in the region.
“This is tolerance and sometimes when you are tolerant, people will exceed the norms of acceptable behaviour and violence can spill out.”
He called for increased dialogue, understanding and tolerance when it becomes not-so-easy to balance relations with Iran after it claimed they can block the Straits of Hormuz, which is a very important shipping line.
“Only Iran knows what Iran intends with those kinds of comments,” he said.
“But, we can certainly call for an increased dialogue, understanding and tolerance.
“I hope that cooler heads will prevail.
Shaikh Salman also ruled out any worry of being caught “flat-footed” in the financial services because Dubai, Qatar and Saudi Arabia coming on aggressively.
“We’ve been ranked as the fastest growing financial capital in the region, if not actually in the Middle East.
“We have seen growth upwards of 20 per cent in that sector per annum.
“We have more than 2,000 firms that have based themselves here.
“Growth in that sector alone is more than 30pc.
“We lead the region in Islamic finance.
“So when I speak about financial services and banking, I am talking about niche products, in which we are still leaders.”
He advocated that being loyal to the US dollar within the Gulf’s currencies removes any uncertainty in Bahrain’s revenue collection.
“Being linked and pegged to the dollar, of which I am a strong proponent, removes any uncertainty in our revenue collection.
“So that allows robustness in our government finances.
“It also facilitates regional trade because five of the six member states are pegged to the dollar.
“It is something that we have decided long back, since 1980, so you don’t quit when the going gets tough.”
The interview will be re-telecasted today at 8.45am and 10pm local time.
——————————————————————————–
© Gulf Daily News
http://www.gulf-daily-news.com/Story.asp?Article=227637&Sn=BNEW&IssueID=31163
