Yesterday, the 4th of December, the Minister of Industry, Commerce and Tourism, Zayed R. Al Zayani held a meeting with the SMEs Development Board members, which included the CEO of the Bahrain Economic Development Board Khalid Al Rumaihi, CEO of Bahrain Development Bank Sattam Algosaibi, and CEO of Tamkeen Dr. Ebraim Mohammed Janahi.
The meeting discussed a number of topics. One of them was about the role of the SME society in coordinating between the efforts of the public and private sector and enhancing ties of cooperation and integration within the framework of Bahrain Economic Vision 2030.
In addition, the meeting touched upon the development of micro, small and medium enterprises in the Bahrain, and how should existing institutions focus on programs related to five main areas: Facilitating finance, regulating the business environment, developing skills and enhancing innovation, and the market access which focuses on several aspects especially the Export Development Center.
During the meeting, D&B consulting provided a visual presentation on the readiness of Bahrain’s industrial sector for export. D&B’s study included a review and an analysis of Bahrain’s current market, in addition to evaluation of the states of SMEs and micro and entrepreneurial enterprises. The study also identified gaps in export vulnerability and outlined the priority exportable sectors.
Furthermore, the study also reviewed the government’s effort to develop policies and strategic plans for entrepreneurship and develop projects aimed to enhance their contribution to GDP and creates jobs, as well as establishing necessary rules and regulation to coordinate between SMEs and concerned parties. D&B’s study of Bahrain’s economy will be completed by the end of this year.
The establishment of SMEs Development Board came under the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister based on the Economic Vision 2030 due to the importance of SME sector in the local economy, in addition to the urgent need for a national board specialized in its affairs.