job creation in Bahrain is vital for its rapid economic growth and stability, said a senior official yesterday. Bahrain and the region should work harder to create more jobs following the credit crunch, said Economic Development Board (EDB) chief executive officer Shaikh Mohammed bin Essa Al Khalifa.
“In the aftermath of the crisis, the state has to ensure that economic development in the country serves the people,” he said.
“That task can be achieved by working to secure the creation of jobs in our country and the region.”
Shaikh Mohammed was chairing one of the special sessions at the Bahrain Global Forum, entitled The Changing Role of the State in Economic Development: State vs Private Capitalism.
Bahrain needs to invest in human capital by providing further training for the workforce, Shaikh Mohammed said on the sidelines of the conference.
“The main challenge we face as a country following the financial crisis is the state of the global economy and global competition,” he said.
“But on a micro level the challenge of job creation is our concern, because we need to provide the proper training for Bahrainis and at the same time create a pool of available jobs,
“Some people have the right skills so we need to match them with the proper jobs in order for the economy to grow.
“We are already starting to do this and attempting to overcome the challenge by providing necessary training for the people,
“The state should also provide companies with a proper business environment in order to carry out that task.”
The session, which was held off the record, focused on the important role of the state in monitoring market regulations.
Delegates spoke of allowing the private sector to dabble with the idea of creative freedom in the market, saying it would add to the economy’s growth.
They also discussed how the credit crunch revealed the failure of leaders in monitoring the market, adding that states should provide social stability in addition to national security.
The session was concluded with the delegates agreeing to the necessity of finding a balance between the state and private capitalism.
Meanwhile, ensuring diversification and economic stability in the region was discussed at another closed session, entitled Diversifying Economies in the Middle East and Building Stability.
The region needs capital, technical capacity and structural changes in order to achieve economic stability, said delegates.
They said countries should adopt other means of income and diversify away from oil and gas if they wished to succeed.