BCCI delegation visits Kuwait ahead of major investment conferences in Manama
KUWAIT: Bahrain has been chosen as the destination for the 18th Arab Businessmen and Investors Conference (ABIC) and the 3rd edition of the World Entrepreneurs Investment Forum 2019 (WEIF 2019) titled: "4th Industrial Revolution: Shaping the future -Digital disruptions for a better tomorrow". These events will be held concurrently in the Kingdom of Bahrain from November 11th to 13th 2019, under the patronage of King Hamad bin Isa Al-Khalifa, The King of Bahrain.
The Kingdom of Bahrain is open for investments and investors. "Bahrain, like any other GCC country, supports and encourages investments in industrial and petrochemical projects, whether it is an enterprise by an individual entrepreneur or with the support of any GCC government," said Sonya Mohamed Abdulla Janahi, Board Member, Bahrain Chamber of Commerce and Industry (BCCI) during a press conference that was held yesterday at the Kuwait Chamber of Commerce and Industry (KCCI).
"Bahrain is a leading example of a business-friendly nation with no free zone restrictions, 100 percent foreign ownership for a majority of ventures and low operating costs. As the first GCC nation to move away from its dependence on oil, Bahrain is today the region's most diversified and sustainable economy and a leading financial hub," she added.
Al-Janahi explained that the 4th Industrial Revolution has made paradigm changes in the way society and businesses have been functioning and is about more than just technology-driven incremental change. "It is an opportunity to help varied stakeholders, including leaders, policy-makers and the general population from all income groups and nations, to harness converging technologies in order to create an inclusive, human-centered future. The real opportunity is to look beyond technology and find ways to enable the greatest number of people to positively impact their families, organizations and communities," she stated.
Bahrain is currently implementing projects worth $32 billion. "These projects include the BAPCO refinery, and expansion of Aluminium Bahrain (Alba) worth $3 billion which will become the world's largest aluminum smelter. This is in addition to the infrastructure projects including the new terminal of the Bahrain Airport worth $1.1 billion and the King Hamad Bridge worth over $4 billion which connects Bahrain with Saudi Arabia," she pointed out.
"Aptly therefore, the focus of the 18th Arab Businessmen and Investors Conference is on the impact of the 4th Industrial Revolution on the Arab world and the BCCI is delighted to invite representatives from all over the region and the world to explore the possibilities, challenges and most efficient ways of adapting this revolution to obtain a dramatically improved future," stressed Al-Janahi.
Set to attract 1,500 participants from across the globe, a first-of-its-kind forum in the region will represent a variety of expertise including key policy decision-makers, regulators, business investors, entrepreneurs and global influencers.
Students are part of the event. "Also, a key highlight of the 18th ABIC 2019 is the Arab Entrepreneurship Rally, a competition designed to encourage and assist all Arab university students to convert their innovative business ideas into start-up enterprises. The competition will provide students with an opportunity to make a positive impact on society through technological innovation, whilst contributing to their own economic benefit," she noted.
"Students from the Arab Region will be invited to participate in submitting their innovative business ideas with the opportunity of having them reviewed and recognized by designated experts. Through its sponsors and partners, students will be awarded for their efforts and play an active role in inspiring and unleashing the spirit of innovation and entrepreneurship. Three winners from the region will be announced at the conference in November 2019 and an impressive cash price will be handed to them to facilitate converting their ideas into action," added Al-Janahi.
The 3rd edition of the World Entrepreneurs Investment Forum 2019 (WEIF 2019) will be held in the Kingdom of Bahrain concurrently with the 18th Arab Businessmen and Investors Conference between November 11-13, 2019. The event is organized by UNIDO ITPO Bahrain, in partnership with the Union of Arab Chambers and the Bahrain Chamber of Commerce and Industry.
In line with the success achieved during the previous versions of WEIF; this year's main theme is "Achieving the Sustainable Development Goals through Entrepreneurship & Innovation" but with a special focus on "Investing in the 4th Industrial Revolution in a Digital Economy," she concluded.
WEIF 2019 will highlight and promote the role of impactful investment and innovation towards economic development and achieving the sustainable development goals. Discussions will also focus on the challenges and opportunities that lie ahead of developing countries, particularly in the Middle East, North Africa, and Sub-Saharan Africa, in attaining these goals.
With an impressive group of speakers, experts, entrepreneurs, investors, academics, financial institutions and high-level senior officials, the conference promises to empower the audience with the needed knowhow to effectively be part of the transformation that industry is bringing in. Emphasis will be on the need to embrace technological innovation as a means of fostering entrepreneurship and productivity.
Basim Mohammed Al-Saie, Executive Committee Member, Bahrain Chamber of Commerce and Industry said that Bahrain is currently developing the Bapco Refinery to increase the production from 250,000 barrels per day to 350,000 bpd. "Bahrain depends on the Saudi oil to supply the refinery. Also Bahrain has built a new pipeline to keep up with the new developments and to raise its production. The new refinery was built according to the latest technology," he explained.
Organized and supported by the Bahrain Chamber of Commerce and Industry (BCCI), Union of Arab Chambers, Arab League, The Arab Investment and Export Credit Guarantee Corporation and the United Nations Industrial Development Organization (UNIDO ITPO Bahrain), this edition of the Arab Businessmen and Investors Conference will represent an Arab economic and investment gathering to lead the investment in the 4th Industrial Revolution and digital innovation in Arab countries in this field.
The main objectives of the 18th Arab Businessmen and Investors Conference will be to represent a gathering that drives investment in entrepreneurship and innovation in the digital revolution in the Arab world. It will also highlight opportunities and challenges of the 4th Industrial Revolution to key stakeholders from the private and public sectors. Emphasis will also be laid in understanding the need to move ahead and align with global developments and disruptive innovations which are driving major breakthroughs across many industries and sectors.
By Nawara Fattahova