Bahrain has been putting much thought into the future of their economy and officials have now agreed that to maximise their future growth potential they need to be less overtly reliable on the hydrocarbon sector. In 2009 petroleum production and refining activities accounted for at least 70% of their revenue and more than 10% of their gross domestic product.
In the last quarter of 2008 Bahrain launched their Vision 2030 strategy and its main objective is to make Bahrain a globally competitive market place and to enhance its future development across all sectors.
They hope to achieve their aims through increasing potential within the private sector, increasing the overall knowledge of the country and by enhancing worker skills to meet the demand in new sectors.
In the next decade Bahrain’s workforce is predicted to double in size and at present there will not be enough skilled workers to meet this demand so it is imperative that new training initiatives are started to train people in the skills required and it will also be necessary to encourage more outside skills into the region.
The government has previously adopted a policy of using oil revenues to offer more jobs in Bahrain in the private sector but this now means this sector is too crowded and the public sector underdeveloped. To counteract this, the Bahrain government need to entice more Bahrainis to work in the private sector. To achieve this they need to invest large amounts in restructuring their education system to equip their future workers with the new skills and knowledge they will require.Paul Holdsworth, Staff Writer, Gulf Jobs Market News