Bahrain’s Strategic Plan to Create 7,400 Jobs in Three Years
The Kingdom of Bahrain has unveiled an ambitious initiative to generate 7,400 employment opportunities over the next three years. This move is part of a broader strategy to diversify the nation’s economy and reduce its reliance on oil revenues.
Economic Diversification Efforts
In 2023, Bahrain attracted a record USD 1.7 billion in investments, marking a 55% increase from the previous year. These investments are projected to create over 5,700 jobs across various sectors, including financial services, information and communication technology (ICT), manufacturing, logistics, and tourism.
National Plan for Labour Market 2023-2026
The Ministry of Labour has introduced the National Plan for Labour Market 2023-2026, aiming to employ 20,000 Bahrainis and train 10,000 job seekers annually. The plan focuses on aligning education with market demands, enhancing partnerships with the private sector, attracting investments, and strengthening labor laws.
Key Objectives of the Plan
- Aligning Education with Market Needs: Ensuring that educational programs equip students with skills relevant to current job markets.
- Private Sector Collaboration: Working closely with private enterprises to create job opportunities and foster economic growth.
- Investment Attraction: Encouraging both domestic and foreign investments to stimulate job creation.
- Labor Law Enhancement: Updating regulations to create a fair and transparent labor market.
Support for Job Seekers
To assist unemployed individuals, the Ministry offers financial support. Non-university graduates receive BD150 per month, while university graduates receive BD200 per month for up to nine months. Additionally, those who have lost their jobs through no fault of their own can receive up to 60% of their previous salary for nine months, with a cap of BD1,000 per month.
Economic Growth Indicators
Bahrain’s economy expanded by 3.3% year-on-year in the first quarter of 2024, driven largely by non-oil sectors such as accommodation, food services, and financial services. The Ministry of Finance predicts a 3% growth for the entire year, supported by ongoing diversification efforts.
Challenges Ahead
Despite these positive developments, Bahrain faces challenges in diversifying from oil dependency and addressing human rights perceptions. The country is also working to improve international and regional connectivity, including plans for a new causeway to Qatar and promoting its new underutilized airport.
Conclusion
Bahrain’s comprehensive strategy to create 7,400 jobs within the next three years reflects its commitment to economic diversification and sustainable growth. Through targeted investments, educational alignment, and robust support for job seekers, the Kingdom aims to build a resilient and dynamic labor market for its citizens.
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