Bahrain and its goals for 2030

How it aims to transform its economy within the decade

The Kingdom welcomes change

The country has had a long history of relying on different things for its economic strength throughout history. 

For long periods in its history, it relied on pearls from its surrounding Arabian gulf for its wealth. Trade was also a major part of what made this country so strong, with a storied history of trading with countries like India and China throughout millennia. 

In recent years, the country has derived much of its wealth from oil. Much like its larger, wealthier and more expensive neighbours like KSA and UAE, it has seen fortunes from the modern-day black gold. However, there are doubts over the waning demand for oil and concerns over what uncontrolled use of it may do to the global climate.

As efforts to become sustainable economies gather force worldwide, Bahrain has made important steps as well. 

With a visionary plan first put into action as early as 2008 by its leadership, the country plans to make major changes to its economy within the decade. With a comprehensive plan built around three fundamental principles: sustainability, fairness and competitiveness, the country has a clear cut plan for the continued growth and well being of its economy and its residents.

Sustainability

The country has made a strong commitment to the Sustainable Development Goals, in line with its vision for a sustainable future. It has submitted and released several reports on the actions and the results of said action in its efforts to meet the SDGs. 

Part of the vision for the 2030 goals is the mission to strengthen the private sector in the country. It aims to make its business environment conducive to local and foreign companies alike. There is a strong focus on the goal of making sure the private sector will be driving the country’s economy forward and there will be less reliance on the public sector.

This is part of the reason why the kingdom has taken considerable steps to make it easier to do business there, with its strong performances in the report as evidence of the results.

Bahrain doesn’t intend to remove itself from oil, as it continues to be a valuable and useful resource for countries around the world. Alternative sources may arise, but for now, at least, the world still runs on petroleum. 

However, the country’s decision to diversify its economy is more with the intention of making it stronger, less vulnerable to the shifts on a single commodity and well prepared for the increasingly challenging global economic conditions. Sustainability comes from different sources that together make up a strong economy, and the country’s actions demonstrate an understanding of this important fact.

Competitiveness

In a world where every country is trying to attract FDI or the best talent, Bahrain understands what makes it competitive amongst all the alternatives.

Its actions in positioning itself as a hub for talent and trade in the ME are in line with this vision. The country has to take advantage of its strengths and grow from there. It also understands the potential of its local population and has taken steps to improve them, with programs promoting the education and upskilling of the citizens. 

With its decision to pursue a metro rail network, it has also taken the necessary action to improve its infrastructure for its residents and visitors. With a stronger, more modern network comes the convenience craved by the new generation of expatriates who value a diverse array of factors rather than just money.

Fairness

In the same vein as the country’s commitment to the SDGs, comes the decision to make fairness a pillar for its development goals. 

There are steps taken to make public institutions more transparent, with increased participation and voice given to its citizens and residents. Like its performance in ‘enforcing contracts’ from the DB report suggests, the country is continuously doing well in protecting its residents as well as companies. 

There is a strong recognition that a fair business environment is necessary to drive it towards its development goals, and the actions of the governing bodies reflect that. There is also the commitment to ensuring human rights and access to fundamental services like education and healthcare as well as a strong safety net.

The safety net also allows for increased risk-taking and innovation among its local populace – a powerful tool that has the potential to change the country for the better if executed properly.

Bahrain’s commitment to SDGs

The 17 sustainable development goals from the United Nations require a strong commitment to being enforced in any company or country, let alone one that is on the growth path. Bahrain’s commitment to these goals and the detailed plans to enforce them is evidence of a country led by a leadership that knows what it’s doing.

They are, by no means, an easy feat to achieve. And while the country still has a fair way to go before all of them are met, what matters is the intent and resources to take action. And the action that follows these two.

2030 is still a fairly long way away, giving the country plenty of time to achieve its economic and social goals, despite the impact that the pandemic will have had. 

With a committed leadership with a powerful vision and people equipped to bring the vision to reality, there is no doubt in the country’s capacity to be a leader of sustainable development in the Arab world.