On November 11th, 2018, a new initiative was launched that’s expected to elevate and open new doors for Bahraini SMEs. This promising initiative will allow companies based in Bahrain to export their products and services through a dedicated export support platform – Export Bahrain.
You probably have a lot of questions on your mind about Export Bahrain. What’s the objective, what are the requirements, am I eligible? Well, we’re here to take you on a further dive into Export Bahrain for a detailed overview on this new initiative.
But before we begin, let’s answer your first burning question – What is Export Bahrain, and what does it aim to achieve?
Aligned with Bahrain’s Economic Vision 2030, Export Bahrain is a national development initiative launched with the aim to develop Bahrain’s export landscape, diversify export opportunities and global reach and boost competitiveness of Bahraini SMEs in exports.
Export Bahrain will be working to deliver high quality, relevant and impactful support solutions to small and medium exporters that aspire to expand and access global markets.
What is Export Bahrain offering?
Export Bahrain is currently offering the following solutions to SMEs :
- Export Financing
- Export Credit Insurance
- Export Training
- Export workshops
Other offerings in line:
- Export market intelligence
- Export consultancy
- Export accelerator programs
- Export marketing and promotion
Export Bahrain’s main solutions are:
- Export Financing: Designed to provide short-term financing for companies to capture international business opportunities and global growth. Export Bahrain in partnership with local banks – Bahrain Islamic Bank and Bahrain Development Bank offer export-financing against export deals and contracts at competitive rates. The financing will provide access to liquidity which covers the costs associated with exporting.
- Export Financing solution covers:
- Export letter of credits
- Working capital to cover pre-operating/pre-shipment
- Export Bahrain will subsidize
- Up to 70% of the annual nominal profit rate capped at 9.5%
- 50% of admin fee
- Export Credit Insurance: The first export credit guarantee channel in the Kingdom of Bahrain to protect SMEs against losses that could occur from the default of payments.
SMEs can receive:
- 80% subsidy of the premium rate
- 90% reimbursement in the case of default
- 80% subsidy of the transaction fee
- Export Training: In collaboration with Tamkeen’s Training Support Bahrain, Export Bahrain will offer export-focused trainings to equip companies with the necessary knowledge and skills required for any exporting transactions. The financial cost of the training courses are 100% covered by Export Bahrain.
So far, the certifications offered include:
- Certificate in International Trade
- Advanced Certificate International Trade
- Diploma in International Trade
- Global Trade Certificate
- Trade Finance Fraud Prevention
- Certificate in International Trade and Finance
- Export Workshops: In addition to training programs, Export Bahrain will offer regular workshops and consultations with companies to share knowledge on growth opportunities, business potentials and at the same time raise awareness on critical exporting matters.
During the first period, the orientations and workshop topics include:
- Orientation sessions about Export Bahrain and its products
- FTA opportunities
- Bahraini customs rules and regulations
- Exporting to regional markets
- Advisory on foreign markets
- Exporting success stories in the region
Who’s the target audience of Export Bahrain?
Currently Export Bahrain is catering to the following segments:
- Pre-Export. An SME that isn’t exporting but plans to do so in the future. Such companies require guidance and support on having the appropriate business model for growth and the required export knowledge.
- Export Ready: An SME that’s ready to export but is not doing so. These companies who have the right features and attributes to grow their products and services globally but aren’t aware of the means to do so.
- Export Scale-ups: An SME that’s already exporting but is looking to scale up and increase its export volume in global markets. Export Bahrain will help and encourage further expansion of these companies to continue its sustainable and international growth and exposure.
Can I apply? How can I know if I’m eligible to export my products?
to be eligible for Export Bahrain’s solutions companies must fulfill the below requirements:
- Your company needs to have an active Bahraini Commercial Registration.
- A startup and growing company with revenues up to BD 3,000,000.
- The use of no less than 20% of Bahraini content in the goods manufactured or processed by the applying companies.
But you’re not alone in this! Export Bahrain comes equipped with a professional team to help you out with the process.
Export Bahrain’s team includes relationship managers who will help out SMEs and provide them with the necessary guidance and advice throughout the application process, such as:
- Aid clients with the application process
- Ensure that client’s objectives are met
- Ensure that clients are applying for the right solutions which fit their needs.
Have more questions? Want to know more about Export Bahrain? Check out their website here. You can also contact them on +973 1738 3999 or visit their offices located at Bait AlTijjar building, 15th Floor where you will be able to have a sit down with one of its relationship managers
Don’t forget to follow them on Instagram for other updates.