By Shane McGinley
Recent data shows non-oil and services exports account for 73% of total volume of exports in 2008.
Bahrain is becoming less dependent on oil as the non-oil segment of the economy’s exports now accounts for more than two-thirds, one of the Kingdom’s top executives said.
Sheikh Mohammed bin Essa Al Khalifa, chief executive of the Economic Development Board (EDB) said recent statistics showed that non-oil and services exports accounted for 73 percent of the total volume of exports in 2008, compared to 40 percent in 2000.
“A key objective of the Economic Vision 2030 is to reduce Bahrain’s reliance on hydro-carbons, something that we can clearly see is happening already. We have to build an economy that is widely diversified and based on added-value services, and expertise and skills of the local work-force. We also have to continue to enhance the export capabilities of existing Bahraini companies and encourage establishing new export-oriented businesses,” Sheikh Mohammed commented on the findings of the statistics.