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Bahrain's Economy & Government attitude towards trade
According to the 2006 Index of Economic Freedom published by the Heritage Foundation/Wall
Street Journal, Bahrain economy is the freest economy in the Middle East and is twenty-fifth freest overall in the world (Bahrain Index of Economic Freedom, n.d.). In a county which is going through an oil boom, Bahrain has the fastest growing economy in the Arab countries, the United Nations Economic and Social Commission for Western Asia said in the beginning of the year 2006.The City of London's Global Financial Centers Index named Bahrain as the world's fastest growing financial center in 2008. The financial services and the banking industry of Bahrain, particularly Islamic banking has provided assistance in the regional boom.
The petroleum production and processing of Bahrain almost equals to 60% of export of the country, 60% of government revenues, and it contributes 30% of the GDP.
The unemployment level in the year 2008 was as low as 3.8%. Bahrain was also the first country to give unemployment benefits.
After getting independence in the year 1971, the country has kept friendly relationships with its neighboring countries and also with the other countries. The country aims to increase their good relations with the neighboring countries so that the trade can foster. Also the country has been increasingly attempting in building good relationships with important countries from where Bahrain expects good foreign investment can come in like UK, USA. Also the country is looking for good trade partners and has been working to build good relationships with number of countries.
The country is also the member of UN and Arab League since 1971. Bahrain also actively participated in the coalition that fought to remove the Taliban regime from Afghanistan in 2001.
The major export partners of Bahrain are India with 4%, Suadia Arabia 3.4% and UAE 2.2%. These figures are of the year 2008. The major commodities exported by Bahrain are petroleum and petroleum products, aluminum, textiles
Also Bahrain imports a lot of commodities and the figures of imported goods are listed below:
The major import partners of Bahrain are Saudi Arabia 26%, Japan 8.7%, US 7.6%, China 6%, Germany 4.7%, South Korea 4.6%, UK 4.4%.
Bahrain's Economy & Government attitude towards trade
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