Guiding Principles of the Economic Vision 2030

Sustainability

A considerable share of the country’s growth over the last two decades was driven by the public sector. This model is losing momentum as government finances tighten, and competition increases in the global economy. By 2030, the private sector should be able to drive economic growth in Bahrain independently. Bahrain's Vision envisages economic prosperity built on a firm foundation. Government finances will adhere to the principle of sustainability, upholding a system that is stable and forward-looking. Bahrain will utilise its resources to invest in the future, enhancing its human capital through education and training, with a particular focus on applied sciences. In a world where modern technology and new competitors from across the globe are continually shortening product lifetimes, entrepreneurship and innovation will ensure the sustainability of a vibrant private sector. But economic growth must never come at the expense of the environment and the long-term well-being of Bahrainis. No effort will be spared to protect Bahrain's environment and preserve the Kingdom’s cultural heritage.

Competitiveness

Bahrain will attain a high level of competitiveness in the global economy. Increased productivity comes about much more naturally in a competitive environment, driving economic growth, profitability, and wages. Only high and continuously improving productivity will enable businesses to increase their employees' wages. Higher productivity requires people with the right skills for each position. To be competitive, Bahrain will go to great lengths to educate its people, retain qualified staff, and attract foreign workers with the skills that are lacking. The key is to make Bahrain an excellent place to do business for both local and foreign companies. Among the factors that make a country attractive to investors in high-value-added industries are high-quality public services, cutting-edge infrastructure, and an appealing living environment.

Fairness

Bahrain's Vision is that the country’s future economic success will benefit society more broadly, creating a broad base of prosperity. Every individual can make a worthwhile contribution to society, given the means and the opportunity. For fairness to be nurtured, all transactions made by both the public and private sectors must be transparent. Free and fair competition should prevail, with public and private activities conducted openly, whether concerning employment, land offered for public auction, or the outcomes of tenders. The role of Bahrain is to provide the legal and regulatory framework that ensures the protection of consumers and the fair treatment of business owners, including foreign investors. This entails stamping out corruption and ensuring that laws are enforced justly. Fairness in society means that all are treated equally under the law, in accordance with international human rights, that everyone has equal access to services, namely education and healthcare, and that those in need are supported via adequate job training and a targeted social safety net.

These three guiding principles were heading in the same direction as Sustainable Development Goals 2030 (SDGs). High economic growth, sound government finances, human capital improvement, fairness, and a highly competitive market will lead to achieving most of the SDGs. These goals are considered the government's current priorities and are linked to the executive actions of the current Government Plan.