Manama:

Bahrain is to issue ten-year renewable residency permit on a self-sponsorship basis to foreign investors.

Crown Prince Salman Bin Hamad Al Khalifa on Tuesday evening instructed the Minister of Interior to prepare a draft edict to create the self-sponsorship residency permit for foreign investors.

The new system is designed to reinforce Bahrain’s position as an investment destination.

In a statement carried by the official news agency, Interior Minister Shaikh Rashid Bin Abdullah Al Khalifa “affirmed the importance of instilling the principles of Bahrain’s Economic Vision 2030 - sustainability, competitiveness and justice – across all development areas.”

Government efforts to advance public services in line with international best practises are aimed at supporting an economic environment conducive to securing growth and investment in key sectors, he said.

During one of the many visits he made to majlises since the start of Ramadan, Prince Salman highlighted the significance of advancing the tourism, logistics, manufacturing, ICT, financial services, and oil and gas sectors, saying they played an important role in attracting international investment and providing employment opportunities for Bahrainis.

Bahrain continues to prioritise initiatives that improve efficiency he said on Tuesday evening, as he stressed “the importance of simplifying procedures within the logistics sector as a catalyst for growth given the industry’s ability to increase the competitive power of national corporations in today’s interconnected global economy.”

Prime Minister Prince Khalifa Bin Salman Al Khalifa on Tuesday said there was a zero tolerance policy towards delaying the issuance of licenses required for businessmen and investors.

The government was keen on enhancing and improving the business environment through offering more facilities to grant commercial and investment licenses.

He warned that postponing investment projects by is not allowed at all because it is offensive to the in Bahrain. The government will never tolerate him.

Postponing projects because of such delays is not allowed as it harms Bahrain's civilised image and business environment, he said as he received senior state officials.

Prince Khalifa said that he was keen on knowing the aspirations and visions of businessmen especially in light of the current commercial and economic conditions and what can be achieved to stimulate commercial and economic activity through partnership with the private sector.

The concerns of the various economic activities should be addressed in order to overcome all obstacles, he added.

The decision to grant the 10-year renewable residency permit was warmly applauded by members of the business community who said that it would contribute to unlocking more investment potential in the kingdom.

Ahlam Janahi, a business leader, said she applauded the move as a positive step forward for business activities and investment opportunities in Bahrain.

"Such a step further concretises the aspirations of the Bahrain Economic Vision 2030," she said.