Bahrain Chamber of Commerce and Industry Outlines Plan for Recovery

Mar 22, 2011, 22:57 ET from Gulf Daily News

MANAMA, Bahrain, March 22, 2011 /PRNewswire-USNewswire/ -- Bahrain's Chamber of Commerce and Industry (BCCI) outlined a plan yesterday to revive the economy of the island nation. The document stressed that there are immediate bright spots on the financial horizon for Bahrain.

"These businesses are badly hit by the political impasse," the BCCI said. "These enterprises should benefit from the oil windfall, with price rising by more than 30 per cent, and the GCC's financial package for Bahrain," it added.

The plan offers a roadmap for the private sector to restore growth to Bahrain. A key facet of the blueprint would be waiving fees on private sector businesses for a grace period. This would include fees paid to the Labour  Market Regulatory  Authority, the social insurance and other parties.

Another tactic the BCCI suggested would be to set up a special fund to help private sector companies hit by the unrest. The Central Bank of Bahrain would be encouraged to help commercial banks to avoid any stagnation. The banks would in turn be encouraged to provide more incentives to the private sector.

Under the proposed stimulus plan, new government projects in Bahrain would be launched and funding of infrastructure and service schemes would be increased.

The proposed blueprint has been submitted to His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Economic Development Board chairman.

SOURCE Gulf Daily News