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Thu 11 Mar 2010 07:55 AM

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Crown Prince sees new era for Bahrain economy

Prince Salman eyes $2tn slice of global service industries market by 2020.

Bahrain is looking to put more emphasis on the private sector and is aiming to take a "$2 trillion slice" of the global service industries market by 2020, the Crown Prince has said in a TV interview.

Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Commander-in-Chief said the kingdom was on the fast-track to a new economic era in the interview broadcast on Wednesday night.

Bahrain is seeking investment and growth in areas where it has the skill to excel," he said in comments published by Gulf Daily News on Thursday.

"We are moving into a far more diversified economy that is dependent on the private sector as the main engine of growth," he added.

"We're going to do that by really stimulating business, by transforming the role of government and continuing to invest in new technologies and innovations."

The Crown Prince said the aim was to build a better future for the generations to come by investing in education.

"We're not in any danger of running out of oil in the next 10 years but for the future generations, that expect a better future than their parents had, we have to build an economy that is based on productivity," he added.

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