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Mon 8 Aug 2016 11:03 AM

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New law to make investments easier in Bahrain

Chamber of Commerce attempting to eliminate obstacles for foreign and domestic investors

New law to make investments easier in Bahrain
(Getty Images)

Bahrain’s Chamber of Commerce and Industry (BCCI) is drafting a law that will smooth the process for investors to enter and exit the market, said the chamber’s second vice-chairman Abdulhameed Al Kooheji in a statement yesterday.

The law is meant to eliminate obstacles for foreign and domestic investors and boost competition in the market, reported Gulf Daily News.

“It is important to have a unique investment law that stimulates the flow of investments and puts Bahrain on the map of attractive investment destinations in line with economic reforms initiated by the wise leadership, Vision 2030, and the aspirations of the business community,” said Al Kooheji.

“The law is to safeguard investors’ interests, encourage their growth and grant them the liberty to leave the market should they choose to.”

A first draft of the law has been completed and sent to the chamber’s legal committee for reviewing, according to BCCI’s director of legal and arbitration Mohammed Al A’amer.

The draft will be sent to external bodies such as the Industry, Commerce and Tourism Ministry, Economic Development Board for reviewing, after which it will be submitted to the chamber’s board for approval. It will then be sent to the ministry to have the law issued.