Those who examine the history of the Bahrain Chamber of Commerce and Industry at this stage 1960-1980 must pause at that extensive report in which the Bahraini historian Bashar Al-Hadi states “On February 10, 1959, the Chamber’s general assembly was held in the presence of 159 members of the total number of members amounting to 285 members at the time. The honorary chairman of the Board of Directors gave a speech in which he emphasized that the Chamber began a new phase towards the economic renaissance and caring for the country’s public interest.
The report prepared in this regard indicated that the commercial markets have gained a kind of confidence and stability after the bankruptcy incidents that occurred during the past period, which had negative impacts on the commercial activity in the country. In this meeting, a new board of directors was elected.
Mr. Youssef Ali Akbar Reda was elected as a chairman, Mr. Ali Abdel -Rahman Al-Wazzan was elected as a secretariat, Mr. Abdullah Ali Al-Dawi was elected as a treasurer, and M/s. Danmed Asrdas, Khalil Ibrahim Kanoo, Ibrahim Hassan Kamal, Rashid Abdul Rahman Al-Zayani, Sadiq Mohammad Al-Bahrna, Ali Youssef Fakhro and Hassan Haider Darwish as members.” Perhaps the most prominent point revealed in Mr. Al-Hadi’s report is that there was quantitative growth in the Chamber, which was evident in the noticeable increase in the number of members present compared to what was previously referred to in the start-up phase (1939-1960).
This description also included a clear indication of the changes in the role of the Chamber that was positively interacting with the transformations the Bahraini market began to witness. This was a natural reflection of the growth in the direction of the Bahraini society, at the heart of which is the financial and business sector. On the other hand, the Chamber focused on the professional part of its goals, which is the necessity of paying attention to the conditions of the Bahraini market and trying to address the most prominent problems it faces, which may have been the most complicated at that phase.
During the period between 1980-2001, the Chamber’s Board was chaired by a group of Bahraini businessmen who made a set of distinguished achievements.
During that period, the Chamber devoted its efforts to cooperate with the relevant authorities to develop successful solutions to the high interest rates and mortgages. The Chamber examined thoroughly the programs for supporting the national industries, revitalizing the contracting sector, encouraging the establishment of joint stock companies, and confronting the phenomenon of fraud, which started to overwhelm the Bahraini market at the time.
In parallel, the Chamber intensified its efforts to enhance the policy of independence and self-reliance, by increasing its financial resources and developing the industrial sector. Similarly, the Chamber exerted tireless efforts to contribute to strengthening business and encouraging creative initiatives that contribute to diversifying the national economy to reduce the share of oil revenues in it.
The Chamber also started its first steps towards establishing medium, small, and even micro companies. This resulted in the emergence of the projects of the ambitious young Bahraini entrepreneurs. In the midst of all of this, the Chamber continued its participation in commercial and industrial life by holding economic seminars, taking part in the meetings of the Council of the Federation of GCC Chambers, organizing “Made in Bahrain” exhibition, contributing to strengthening the investment climate in the country and helping develop Bahraini exports.
These leading steps have been an entirely positive and tangible reflection of the Chamber’s ability to respond to a group of local, regional (Gulf/Arab), and international events. These events were the outcomes of transformations at the political, economic, and even social levels alike.
