MANAMA: Bahrain and London can work together to keep finance at the heart of industry and employment, Sheikh Mohammed bin Essa Al-Khalifa, chief executive of the Bahrain Economic Development Board (EDB), told the Lord Mayor of London in a speech at the University of Bahrain on Thursday.
The Lord Mayor, Alderman Nick Anstee, is in Bahrain this week with a team of leading British financiers to boost business between the UK financial sector and the kingdom.
In his address on "Financial Services and the Role of Education," Sheikh Mohammed said the two financial centers share ethical values -- the fundamentals of transparency and sound regulation -- and a culture for innovation.
In a "reset" world, these are now more important than ever and a continued investment in education has a key role in meeting the challenge of the future, he added.
"The values of sound regulation and rule of law for which London is respected around the world are values that we also hold dear in Bahrain. These values have formed the basis for the steady growth of our own strong financial sector, built over the past 40 years. As in London, one of our greatest assets in Bahrain is our people, who have the qualifications and skills to help drive forward our financial sector. We are committed to fostering a productive dialogue on education with our good friends in the City of London. I hope we can continue to work closely and productively in this important field on which - now more than ever - our future depends on."
Sheikh Mohammed highlighted the wider benefits of a strong financial sector. More than a major business in its own right, it is also the motor that drives so many other industries; a great financial center draws investment to provide companies with the ability to grow their output, profits and jobs, he said.
"The central importance of all banks, investment houses, brokers, insurance companies and their financial institutions is that they provide the services that enable other businesses to launch and grow. Bahrain's approach has always been to emphasize the importance of open and transparent regulation to create an environment where there are opportunities for growth that are sustainable."
Sheikh Mohammed welcomed the Lord Mayor to the offices of the EDB, which has the overall responsibility for formulating and overseeing the economic strategy of the Kingdom and creating the right climate to attract foreign investment. Anstee also held talks with Prince Salman bin Hamad Al-Khalifa, chairman of the EDB, and leading players in Bahrain's financial markets to bolster UK-Bahrain industry ties.
By MAHMOOD RAFIQUE
© Arab News 2010
