KUALA LUMPUR: The Bahrain government has invited Malaysia's business community to invest in the small Gulf Kingdom's infrastructure, Islamic finance and manufacturing sectors. In a statement to reporters, Bahrain's Economic Development Board Executive Director Sheikh Mohamed Essa al-Khalifa said that the country was looking to expand its government spending budget and hopes that Malaysian investors will be able to work with the country. “This expansionary budget is likely have a strong stimulus effect, with particular investment being made in social housing and infrastructure spending,” he said in an interview with Malaysia's Bernama news agency. He added that Bahrain is looking to become a gateway “to the wider Gulf Cooperation Council (GCC) that was currently estimated to have a combined gross domestic product of $1 trillion. “There are a number of opportunities in Bahrain and, through Bahrain, to the wider GCC, in particular through trade and investment in construction, agriculture, food production, information communication technology, education, science and technology as well as tourism. “The region is the world's energy hub, but all economies in the GCC are pursuing diversification programs and increasing investment, which means there are opportunities across the economic spectrum, from retailers to construction, heavy industry and financial services,” he said. The push may be enticing for Malaysian business leaders, as Bahrain offers some of the Middle East's lowest operating costs, and according to the sheikh, “the best skilled workforce in the area and has excellent transport links to all members of the GCC.” Islamic finance, picking up steam in the region and across the world, Bahrain and Malaysia have already shown to have well-positioned links in this area, as both countries' are hubs for their respective regions. “For example, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the institution that sets the standards for auditing and accounting in Islamic finance across the world, is based in Bahrain but has Bahraini and Malaysian experts on its staff,” the sheikh said. Bahrain hopes that with Malaysia's continued efforts, it will be able to assist the finance movement from continuing to make in roads globally. “We are confident that we can help the industry continue to grow across the world,” he said.
