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Advertisers Bank of Bahrain and Kuwait B.S.C.
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H. H. Shaikh Khalifa Bin Salman Al Khalifa, Prime Minister
A: It would be difficult to specify one achievement or a group of achievements, because what has been achieved is the building of a modern state that has successfully employed the financial resources and human capabilities of a small society that has become a model for human resources development in the world.
Bahrain has been able, thank God -- as seen with the United Nations Development Program - to rank first among Arab and Muslim states in human resources development for four consecutive years. It is an achievement which confirms the success of our policies that have focused on investing in building our human resources because there can be no genuine development without the proper preparation of the human element to lead such development.
As a result of the successful development of human resources, we have been able to establish a successful services center equipped with an advanced infrastructure and varied administrative facilities, thus attracting foreign investment and international companies and banks. This has helped turn Bahrain into a world financial and economic center in the region, a center that plays an important role in the region's economic transformation.
In our view, the development that has been achieved was not only limited to the economy, it has also had its effect on political development in a modern society where decisions are made through full interaction between its various civil institutions.
The Consultative Council - a distinguished experiment in which we take pride - is the result of such interaction and integration among state institutions. It includes 40 members who represent various groups and sects in Bahrain. It has carried out its role in full as a partner in making political and economic decisions and as a forum where various views and trends are aired.
When we talk about our hopes for the future of our country in the new millennium we say that we hope to continue with the same determination and enthusiasm to safeguard the achievements and gains that have been accomplished in order to continue with the security and stability Bahrain has enjoyed for a long time and that lie behind its progress and renaissance.
Q: The fall in oil prices in the past few years affected the development of banking in Bahrain. How has that affected Bahrain as a banking center and what measures are you planning to take to avoid such an economic vacuum in the future?
A: The effect of the fall in oil prices was not only limited to Bahrain, it affected the whole world. In Bahrain we already understood that such a fall would take place at some point in time. Therefore, we planned from the very beginning to avoid the sharp negative consequences of such a fall. We focused on diversifying our sources of income and on benefiting from oil in order to prepare ourselves to confront any changes. In our planning we gave priority to the preparation and building of an infrastructure and services capable of accommodating any new projects. We also focused on supporting and developing tourism projects.
The economic slowdown and the fall in oil prices had negative consequences, but they also had positive consequences. These were represented by modifying our priorities, changing much of our work and expenditure philosophy, and preparing for the post-oil era.
Banking institutions have modified and developed their role in order to adapt to the requirements of the present stage. This explains the recent surge in Islamic banks here. They are a modern model that has attracted world interest and has been adopted by a number of international banks.
International banks in Bahrain have also paid attention to investment portfolios and other activities that are compatible with current changes. This is demonstrated by the fact that the number of international banks and financial institutions operating in Bahrain are increasing and their role in the world economy is growing.
Q: There has been a sudden warming in Bahrain-Qatari relations. There is talk about building a gas pipeline, and resolving the border dispute, between the two countries. How do you view the development of relations between the two countries?
A: We are two fraternal states and members of the Gulf Cooperation Council (GCC). The ties of kinship that bind the two countries will always guarantee that any crisis or tension in relations can be overcome. The warming of relations is the result of the direct efforts made by the two youthful leaders, Shaikh Hamad bin Isa Al Khalifa, the Amir of Bahrain. and Shaikh Hamad bin Khalifa Al Thani, the Amir of Qatar, within the framework of their open-minded and responsive endeavors to improve relations and forge ahead, together, toward the future.
Such a rapprochement in relations will include many joint projects that will serve the interests of the people of the two countries. There is a Higher Committee that is now studying such matters.
With regard to the border dispute between the two countries, it is presently before the International Court of Justice, which is continuing to view the case. Apart from our unshakable belief in the validity of our position and our firm rights, we have always preferred a fraternal and amicable solution, which safeguards the rights and also safeguards friendship and concord between brothers and protects future relations.
Q: There are also intensive efforts to give impetus to relations between Bahrain and Iran. Both countries have extended invitations for top-level visits.
Has a date been set for these visits? How optimistic are you that relations will return to normal? And how will such an improvement in relations' affect your relations with the United States?
A: Iran is an important state in the region. It plays a vital role in the security of the area. The efforts to improve relations between us represent an extension of our policies in maintaining good neighborly relations with everyone.
Regarding our external relations, we believe in the importance of joint cooperation within a framework of common interests and mutual respect.
Recent moves and efforts to improve relations with Iran are within this framework. We believe, however, that the normalization of relations will take a speedier turn if the problem of Iran's occupation of the UAE islands - Abu Musa, Greater Tunb and Lesser Tunb - is resolved. Iran's continued occupation of these islands remains an obstacle impeding the normalization of its relations with the Arab Gulf states.
We do not believe that the improvement in relations between Bahrain and Iran will affect our special relationship with the United States, which shares our interest in seeking to establish security and stability in the region.
Q: Bahrain recently launched an important initiative related to its liberal media policies of "open skies" for all the media, thus enabling individuals to establish private television and radio stations and newspapers here. What was behind this decision?
A: The skies are not only open in Bahrain but in the whole world. The world is witnessing a revolution in communications and space technology that has achieved many of the ideas of cultural and social "globalization" among states. Thus ideas have come closer to each other, distances have been reduced, and barriers removed among all countries.
Our decision in that regard was an expression of, and an interaction with, the spirit of the times and what it entails. It is the result of our belief in the importance of the role of institutions and the private sector that is participating in these new transformations in the media.
Q: A special relationship has existed between Bahrain and the United States for a number of years. What message would you like to send to our readers in Washington D.C.?
A: We are proud of our special and comprehensive relationship with the United States, a relationship that has been translated into joint efforts for strengthening peace and security in the region. We would also like to stress our full appreciation for the sincere efforts of the United States to push forward the Arab-Israeli peace negotiations. And we look forward to further cooperation that is commensurate with the special relationship that joins us.
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Table of Contents The Al Khalifa Dynasty - Ruling Bahrain Since 1783 |
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Q: As a political leader who played a major role in the political and economic development of Bahrain in the past years, can you tell us what are Bahrain's major economic achievements, and what are the goals that you believe must be achieved in the new millennium?
In fact, the fall in oil prices did not have a great effect on the development of banking in Bahrain because Bahrain -- thanks to its solid base of banking services and advanced laws - is an attractive and indispensable location for international banks. We are proud of the fact that international institutions have confidence in our laws and economy and insist on operating from our territory.