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Bahrain major hub for e-commerce accords |
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Gulf Daily News - MANAMA: G.C.C. countries, especially Bahrain, form an important hub for e-commerce deals, thanks to the facilities available.
That was the message from Industry and Commerce Minister Dr Hassan Fakhro, at the opening of the first Gulf e- Commerce Forum in Bahrain yesterday.
"This initiative comes at a time to reflect the leading role played by the government of Bahrain in adopting technology, e-commerce, intellectual property and the necessary legislation on such matters, in order to enhance the leadership and policymakers understanding," he said.
"There is no doubt in my mind that this forum is especially important in terms of its timing, coinciding with the rapid acceleration in gaining global economic leadership, with the regional and global wins that Bahrain has achieved, founded on solid economic foundations."
He said the selection of Bahrain to be the permanent host country for the forum was an actual realisation of the role and the confidence in the country by the participants. "The G.C.C. council has ensured, in a short space of time, that it is fully capable of engaging in electronic business systems, and the global absorption of its requirements, to build a free and growing economy, opening up doors for investors in the region," he continued.
"It is no wonder that these countries, especially Bahrain, became important hubs for e-business transactions as they possess all the fundamental components found in international markets."
He said that e-commerce was a significant factor in attaining diversity in investment and jobs, adding, "The digital economy today is an appropriate option for many investment opportunities and a way to strengthen and develop many countries' national economies."
The second Gulf e-Commerce Forum will open in Bahrain on November 24 next year and the event will then be held in the kingdom every year, key organizer The Gulf Knowledge Economy vice chairman Dr Hussain Al Mahdi said. He said that at present e-commerce only accounted for just under two per cent of trade in the G.C.C., but this meant there were opportunities for the remaining 98pc for expansion.
While e-business in Bahrain was currently worth just $35 million, that was impressive for a country of less than 1m people when e-business in Egypt, with a population of 70m was just $7m.
"With what we have seen here today I am very optimistic that we are moving forward," he said. "We are now looking to see more concerted efforts to beef up and galvanise this business."
He added that between now and the next event the forum was supporting four programmes, covering e-real estate, e-learning and training, e-tendering and contracting and e-health and safety and an investment initiative to bring a new breed of leaders to the e-environment in areas like project finance and engineering initiatives.
G.C.C. countries' e-commerce is valued at $ 8.7 billion, with growth of 9.4 per cent for the next three years. G.C.C. IT spending will hit $5bn next year, G.C.C. officials said, calling on the area governments to boost G.C.C. currencies' exchange rates, in view of the abnormally shooting prices.
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Bahrain Today