Bahrain’s 2030 goals
Bahrain’s goals for 2030 are meant to bring the country and its economy closer to being a resilient one.
In the past and even today, the economy of the country is heavily dependent on oil. But as the demand for oil begins to wane and the shift away from oil reliance happens in much of the world, the country has only one choice.
It has to diversify.
And it has already begun doing that, with new regulations and initiatives aimed at encouraging the growth of non-oil industries in the country. It offers benefits like full foreign ownership in several industries, which has attracted companies like Amazon Web Services (AWS) to choose Bahrain as the country to enter into the middle east.
Bahrain has set the year 2030 as the time by which several of its economic goals are to be achieved. And these goals are guided by three fundamental goals: Sustainability, Competitiveness and Fairness.
How do Bahrain’s 2030 goals align with Sustainable Development Goals (SDGs)?
The Sustainable Development Goals (SDGs) are a set of goals offered by the United Nations to achieve environmental and social sustainability around the world. They can be adopted by businesses, NGOs and governments to align their sustainability efforts to a globally recognised set of targets and goals.
And Bahrain, with its goals for 2030, has made a strong commitment to achieving these goals as well.
Sustainability is one of the three primary goals for all its efforts towards achieving the goals for 2030. Alongside sustainability, competitiveness and fairness form a strong set of goals for the country to work toward achieving during the decade.
It also helps that the country’s constitution itself is one that affirms the principles of sustainable development. It states that the country’s economy is to be based on social justice, with harmony between the public and private sectors. It aims to achieve sustainable development to gain prosperity for its citizens. And the UN SDGs are the perfect tool to help it do just that.
The SDGs are among the things that form the country’s plans of action for the foreseeable future. The country linked its action plan for the period 2015-2018 with the SDGs, covering 78% of all the goals. The country’s Cabinet has also instructed all government entities to align their strategies and activities to the SDGs.
It has already succeeded in achieving some of the goals. The country recognises that it has eradicated poverty among all its citizens, which means Goal 1: No Poverty has already been achieved. It also does well in other social goals such as Goal 5: Gender Equality, with the proportion of Bahraini women in executive positions in public sectors being as high as 46%.
Bahrain presents its successes and challenges in trying to achieve the SDGs for all to see. The country is transparent in what metrics it uses to measure the progress that has been made. It also specifies which public sector organisations are involved in the efforts to achieve sustainable development.
What does Bahrain’s sustainability efforts mean for companies in Bahrain?
It is clear that the country is trying to induce a shift towards a more sustainable future. And with its goals for 2030, it is clear that there is a rather immediate need to accelerate this shift.
For any business that is already present in Bahrain, this might mean increased regulations to comply within the coming years. This is why now is the best time to begin your shift towards achieving business sustainability before the need for immediate change arises.
If you are not in Bahrain already, you can look at how the country is changing now. And perhaps more importantly, you can try and see how the country might change in the coming years as a result of its efforts to become sustainable.
This is bound to create possibilities and opportunities for businesses to take advantage of. If you are in the energy sector, anticipate the shift towards renewable energy to happen sooner rather than later in the country. If you are in finance or even marketing, expect to see more businesses needing to prepare sustainability reports and communication. If you are in mobility, expect to see opportunities that will arise as part of the country’s shift away from traditional combustion engine vehicles.
Whichever industry you are in, expect to see opportunities arise as the country begins its aggressive transformation towards a sustainable, competitive and fair economy.
How Al Wasel can help your entry to Bahrain
Al Wasel makes business happen in Bahrain.
We have done so for over 30 years. And we have done it for enterprises of all sizes, from small businesses to large enterprises with over 50,000 employees. And over these 30 years, we have become Bahrain’s most trusted commercial services firm.
Connect with us today, and learn more about how we can help your business in Bahrain.
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