Indigenous Publishing Market Profile Of Bahrain Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2381 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Bahrain or Kingdom of Bahrain is a island country in the Persian Gulf. This island country is bordered to the west by Saudi Arabia and to the Southeast by Qatar. A link, Qatar Bahrain Causeway is expected to connect Qatar and Bahrain to create the longest fixed link in the globe. Don’t waste time! Our writers will create an original "Indigenous Publishing Market Profile Of Bahrain Finance Essay" essay for you Create order The country is mostly known to produce pearls and oil. Several publishing and trading structures are also found here including Bahrain Financial Harbor, Bahrain World Trade Center and finally the many skyscrapers found here. It is common in this region that most of the countries here are rich in oil but poor in water and this brings to light the advantage of the Bahrain. This country spends about $630 million every year on its military and this is about 20% of its current expenditure. Its defense force is has about 12000 personnel and is composed of the air force, army and navy. Most of these revenues come from their publishing business as it is one of the promising industries of revenue generation. The government spends around $630 million annually on the military, about 20% of current expenditures. The parliamentary process has produced spirited debate over government spending, particularly defense spending, but no actual reductions. The country has in the recent days made major changes to upgrade its defense systems and also modernize it. This economy was the first among the Gulf economies to discover oil and its reserves are expected to run for the next 1o to 15 years. The country has in the past struggled to diversify its economy and it has managed to stabilize its production to about 40, 000 barrels everyday. Income from oil and natural gas form 10% of its GDP and this provide about 75% of the government income. The petroleum company refinery is owned by the state and its capacity is 260,000 b/d. Bahrain is business and financial center and it operates both offshore and onshore. Its financial sector is the largest contributor to GDP. Over three hundred offshore banking units and representative offices are located here in Bahrain. This country has made efforts to be the leading Islamic finance centre among the Arab world. The country has 32 Islamic banks consisting of both financial, investment and leasing banks as well as what is known as Takaful ` Or else Islamic insurance companies. The country has been striving to come up with service industries such as information technology, education, publishing and healthcare. The government has invested the revenue got from the oil to build a high-tech infrastructure in transport and communications. Its Airport is one of the busiest in the Gulf since it is one of the busiest in the area. With an aim of boosting its competitiveness as a regional center, the country is building new ports. Tourism is also an important aspect of the countrys economy. The government is working on large projects aimed at promoting tourism. It also has got regional tourism which is an important source of the countrys source of money. It is however clear that the country gets most of its income from the oil industry. Like many countries, this small country is striving much to put up with the modern day technology. It is also investing in technology to fit in the digital world today. This is more so in communications and transport. Most of the things taught in the schools have connections with technology. There is the Bahrain Information Technology Society founded in the year 1981 and its purpose is to uphold the information technology in the country. It works to educate the public together with the students about information technology. This body provides a forum for information interchange in the present and also the future. This body educates the people through seminars, periodicals, meetings, conferences and also electronic news letters. Many government and private organizations have been fitted with the latest technology gadgets. Computers are found in most offices and paper work has been reduced to the minimum. Communication has been made easy through the introduction of the internet. People can hold meetings through the internet. Students on the other hand are able to learn more about the outside world through the use of the internet. They are also able to communicate with students from all over the world through the internet and this has made it easy for them especially when they are carrying out research about other places that they have not visited. Bahrain prides itself as a world leader in terms of business. The country has invested a lot of resources to ensure business is carried out in a friendly environment and at the same time in competition with other countries. In order to tap into both local and international publishing markets, Bahraini has developed an attitude which draws investors and visitors to their country in large numbers. Starting with warm greetings everybody from all over the world is welcomed to Bahrain. The local business setup has much to offer in terms of a wide range of products. These have attracted many foreign investors and a rapid growth is being experienced due to modern infrastructure and technological advancements. Bahrain is placed on top as a business partner in the world, ranking at number 13, due to many freedoms exercised in course of trade. Such include economic, monetary, fiscal and business freedoms coupled with lack of corporate and income taxes. In the whole Gulf region, Bahrain ranks highly in relation to its neighbors thus making it more competitive. The country is very keen in following and respecting law and this has seen it take the front line in terms of doing business. Apart from acting as a gateway to gulf, Bahrain also projects the most stable publishing market base in the region. In addition, the workforce is drawn from the most skilled and educated individuals. The government also is actively involved to curb corruption and bureaucracy since these fact ors can contribute negative to businesses. Bahrain has been able to compete internationally with countries as China, France, UK, and India by avoiding red tape. A legal framework is implemented by the Central Bank of Bahrain which oversees regulation, licensing, transparency and efficiency in all business operations. In terms of marketing and promotion, Bahrain has placed emphasis on transport and communication infrastructure to ensure this is achieved. Land, rail, air and sea transport systems are in place with some being the best in the region. The living cost is low as is the business operating cost. In comparison to its neighbors, Bahrain has the lowest cost figure in all aspects from food, to rent, to taxes. The distribution of the publishing market is relatively well developed especially when comparing the situation with the other countries in the same region. Publishing companies and universities in Bahrain enjoy their own distribution channels inside Bahrain and also abroad. Some universities and schools in this country also keep large stocks at various locations and libraries based on their marketing strategies or their target audience. Generally, distribution and marketing strategies go hand in hand. Publishers are located in different parts of the major towns and in the university premises and use different methods to reach wider audiences. More often than not, the publishers have bookstore at the university companies premises where they sell the books they publish. Libraries are also stocked with most of the books published by that particular university. They however establish more sale points distributed all over the country where orders may take place, and if large enough, they are forwarded to the main company. Important thing about the publishing market in Bahrain in terms of Trading Terms is that the government does not allow foreigners to perform these business activities as it is permitted only for Bahrainians. All activities associated with publishing including press and even distribution is exclusive for the citizens of Bahrain. The government however established the U.S. Bahrain Free trade agreement which excludes some trade restrictions for the U.S service providers in the publishing sector to do business in Bahrain. The lifting of these restrictions are reciprocated by nearly an equal deal for the Bahrain publishers to invest in U.S. Distribution channels differ in Bahrain. There are direct channels where universities and other publishers sell their products directly to the customers in bookshops. All the major publishers have bookshops and the universities too. The universities however enjoy the benefits of direct sales since some of their customers are already in the universities. Pirated copies are also sold in some of black market routes. Although blamed for inadequacy associated with the distribution channels, this is not always the case. The main distributors in Bahrain are still the main publishers. These are mainly the daily news publishers like Bahrain Tribune; which is the leading English Newspaper in the country, Gulf Daily News, Bahrain; the daily national newspaper and Bahrain. University of Bahrain is the main distributor in terms of Universities and Information science and technology publisher also boats some share in the publishing distribution sector. Other publishers include Arabian Magazines which publishes and distributes magazines all the gulf. In Bahrain, it distributes the Bahrain Confidential, GFI, Flash and Bahrain Live; Fanar publishing is also a major distributor in Bahrain. It publishes Arab traveler and Arab agriculture directory among other magazines. 8. Terms of Local Trading This island has been an important place with regards to trade since the past. Several rulers like the Portuguese and the Arabs have all ruled while taking trade into consideration. Oil was discovered in the early 1930s and this was a boost into the trade activity. This oil was the first to be discovered in this region although it is not much and it is expected to be used up fast. This place was once a major center of pearling but this went down during the 20th century. The oil has led to the financing of major projects especially in the education and health. 60% of the countrys export earnings are accounted for by petroleum and oil. Since the oil in this country is expected to run out in a few years, steps have been taken in the nonagricultural sector to diversify it. Other activities that have been established include Ship-repair, banking, and tourism sector. There are several multinational firms in this country and its government also encourages foreign investment. Fishing is a major economic activity and there are also fruits, dates and vegetables. Most of the food grown is however exported. Most of the food imports for Bahrain are brought in through Manama. The Mina Sulmans port is well equipped with modern equipment and facilities. A lot of food stuff such as greens (vegetables), perishable fruits and preserved meat are dispatched from the Bahrain International Airport. Due to their quick perish ability; some food stuff need be transported fast enough, that is, by the end of twenty four hours after their advent. As for the rest, two to three days are required for their transportation to their destined places. In order to improve food importation in the country, Bahrain has opted to act in collaboration with other firms. One way of doing this is by making it known to all firms as soon as changes occur regarding the regulations in the products to be imported in a timely basis. Prior to their transportation to the Bahrain, the authorised persons dealing with imports reassess the food labels to ensure that only quality products are selected. To fasten the clearance or approval of the imported products, the exporters of the US are required to give in their food labels for the purpose of getting pre-export endorsement mostly for current brands of goods. Bahrain ensures that it offers secure supplies of food stuff by setting a requirement for most of its products to be non-perishable, that is, products that can stay for a long time without going bad. There is also five percent taxation on foodstuff that is brought in from other countries. The duty on alcoholic drinks from other countries is however quite high, standing at one hundred and twenty five percent and this can be explained by the classification of the product, that is, it is a luxury good. However, there are set of laws regarding the importation and subsequent sale of certain products which are not considered as good among the Muslims since Bahrain is one such country that embraces the Islamic religion. Such products include pork, alcoholic drinks among others. For example, there are only four firms that are permitted to import and vend drinks containing alcohol. Looking at the cost of living in Bahrain, it is said to be similar to that of most European countries. There is a general lack of taxation and this has made the cost of several items high especially the luxurious items. Looking at the cost of accommodation, it can be said to be high, so is the cost of imported items. The internationally recognized food is relatively high but the locally produced food is not that much expensive. Clothing can also be considered as expensive especially the designer clothes. On the side of wines and spirits, they are cheaper when compared to UK but they cost more than the average European prices. Other things like electronics are generally expensive. The cost of living in this country will thus depend on someones lifestyle. Like any other country, this country takes part in computer activities like hosting. There is one major company which foresees activities of this nature and educates people about them. Local hosting can not be said to be much when compared to other countries but it is definitely growing each day. Bahrain has invested hugely in Information and Communication Technology (ICT). In terms of Internet and Mobile telephony, the country is far much ahead in the region. There has been a huge demand for these services from both the private and public sector. The market share is projected at 180 billion dollars by 2012. The government has embraced e-Government in order to avail its services to thee people. Applications and payment of bills are carried out online. E-commerce is another area where much progress has been achieved. Through e-commerce, the residents can afford to pay for their bill and purchase items using Internet.