HH Shaikh Nasser bin Hamad highlights Bahrain's economic progress in address at SPIEF

Biz Bahrain

22-06-2025

His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs, delivered a keynote address at the 28th Saint Petersburg International Economic Forum 2025 (SPIEF).
The session was attended by His Excellency President Vladimir Putin of the Russian Federation; His Excellency President Prabowo Subianto of the Republic of Indonesia; His Excellency Ding Xuexiang, Chinese Vice Premier; His Excellency Paul Mashatile, Deputy President of South Africa; and senior officials from across the globe.
In his address, His Highness Shaikh Nasser bin Hamad Al Khalifa highlighted Bahrain's approach to economic development as a model shaped by long term national planning, strong leadership, and international cooperation. His Highness stated that Bahrain's current economic performance is the result of a comprehensive development process guided by the strategic vision of His Majesty King Hamad bin Isa Al Khalifa and supported by the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. This framework has enabled the Kingdom to maintain steady economic growth, implement structural reforms, and increase its competitiveness in regional and global markets.
His Highness expressed thanks to the Russian Federation for inviting the Kingdom of Bahrain as the official Guest of Honour at the forum, and extended appreciation to HE President Vladimir Putin for the invitation to participate as an official speaker at this prominent economic event.
His Highness conveyed the greetings of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to the Russian leadership and participants in the forum.
His Highness also recalled the visit of His Majesty the King to the Russian Federation in 2024 and his meeting with President Putin, describing it as a key moment in the development of bilateral relations. The visit, His Highness said, reflected the strength of the friendship and the shared desire to enhance cooperation, and stands today as one of the foundations of Bahrain's participation in the forum.
His Highness noted that the economic policies adopted by the Russian Federation under the leadership of His Excellency President Vladimir Putin have been a key driver of stability and economic growth, both within Russia and across the region. These policies, His Highness said, played a vital role in stimulating strategic sectors, particularly energy and industry, with a positive impact on the broader global investment environment. His Highness added that Russia has successfully expanded its economic ties with countries in the region and beyond, creating new trade opportunities and strengthening its position as a major player in the global economy.
His Highness reflected on the human dimension of leadership, drawing a parallel between the impact of wise governance and the enduring influence of art. Citing a verse by the renowned Russian poet Alexander Pushkin, His Highness noted that the true value of leadership, much like poetry, lies not only in measurable outcomes but in the ability to inspire hope, provide reassurance, and leave a lasting human impact that goes beyond statistics and economic indicators.
His Highness explained that Bahrain's Economic Vision 2030, launched under the leadership of His Majesty the King, serves as a comprehensive national development framework. More than a policy document, the vision has acted as a roadmap guiding Bahrain towards a sustainable future, striking a balance between economic growth and environmental responsibility. It has enabled the Kingdom to attract foreign investment and strengthen its economic capabilities through strategic initiatives across various domains, particularly through the development of digital infrastructure and the expansion of the private sector's role in national development.
Building on these achievements, His Highness noted that Bahrain is in the process of shaping a new national vision extending to the year 2050. The upcoming strategy will focus on innovation, digital transformation, sustainability, and income diversification. This forward looking direction reflects Bahrain's commitment to staying aligned with global developments and strengthening its economic preparedness for the future through constructive international partnerships that support long term, balanced development.
His Highness stated that a central pillar of Bahrain's development has been the focus on human capital. The Kingdom considers investment in people as the foundation for national progress. In line with this belief, Bahrain has worked to strengthen collaboration between the public and private sectors to launch targeted initiatives aimed at training and empowering young Bahrainis, enabling their full participation in the labour market. These efforts contribute to building a flexible and resilient economy capable of adapting to global changes and challenges.
His Highness noted that Bahrain has made significant progress in developing advanced digital infrastructure, positioning the Kingdom as one of the leading digital centres in the region. This development has not only streamlined business operations but also created an environment that supports innovation and creativity across multiple domains. The digital economy, His Highness added, has become a core pillar of Bahrain's strategy to build a knowledge based economy.
His Highness also highlighted that strategic partnerships with international friends, including the Russian Federation, have played an important role in strengthening Bahrain's business environment. Through strong and productive relations with international partners, His Highness said, Bahrain has established itself as a stable and attractive destination for investment.
His Highness stated that Bahrain continues to work on improving its legal and regulatory frameworks to further facilitate foreign investment and enhance the ease of doing business.
In addition, His Highness pointed to the Gulf Cooperation Council (GCC) as a model for promoting entrepreneurship and fostering an investment friendly environment in the region. Bahrain, His Highness said, places great importance on this role, recognising innovation and creativity as key drivers of sustainable economic development.
In this context, His Highness described the SPIEF as an effective platform to showcase Bahrain's ambitious economic initiatives and expand opportunities for cooperation among investors and entrepreneurs from around the world.
His Highness emphasised that investment is not solely about providing capital, but also about enabling innovative ideas and transforming them into projects that contribute to social progress and sustainable economic growth. For this reason, supporting innovation and nurturing entrepreneurship are essential to driving both technological and economic advancement.
His Highness also noted that strengthening global economic partnerships helps create effective financing frameworks to support small and medium enterprises, which represent the backbone of economies worldwide. Achieving this requires coordinated efforts at both the international and national levels to broaden investment opportunities and expand avenues for cooperation between countries.
His Highness stated that Bahrain continues to adopt well considered economic policies aimed at developing various sectors, including those focused on technological innovation and entrepreneurship. The Kingdom remains committed to fostering a creative and competitive environment that opens new prospects for economic and commercial collaboration with fellow countries.
His Highness expressed Bahrain's deep appreciation to His Excellency President Vladimir Putin for the invitation and the well organised forum, which reflects Russia's commitment to advancing global economic dialogue. His Highness reiterated the importance of the SPIEF as a key platform for strengthening partnerships with fellow countries, particularly the Russian Federation, and to support sustainable development in line with the goals of Bahrain's Economic Vision 2030.
BNA(R)