Abdulla bin Adel Fakhro, the Minister of Industry and Commerce and Chairman of the SME Development Board in Bahrain, shared the latest updates on the strategic plan of the SME Development Board, along with key performance indicators and achievements. Notably, 67% of the board's initiatives have been successfully completed, making significant contributions to the growth of the SME sector in Bahrain.Since its establishment in 2017, the EDB’s primary focus is on positioning Bahrain as a premier destination for startups and SMEs, with the goal of creating a conducive environment for their growth and success.Several key initiatives have been led by the Board, including the licensing of business incubators and accelerators, the establishment of Export Bahrain to support SME exports, crowdfunding opportunities, preferences for SMEs in government procurement, and the establishment of an SME registration system that classifies enterprises based on their size to ensure they can benefit from specific advantages.The Ministry of Industry and Commerce recently launched the SME database, the first of its kind in Bahrain, providing extensive data about businesses within the sector. It revealed that micro, small, and medium enterprises account for 93.3% of all commercial registrations in the country, with 81% of them owned by Bahrainis, 39% by women, and 23% by youth.Furthermore, the Bahrain Innovation and Technology Transfer Center, established in partnership with the University of Bahrain, plays a crucial role in protecting intellectual property generated by academics and students, as well as assisting in the licensing and marketing of inventions and products, providing financial returns for innovators.Khalid Humaidan, the Chief Executive of the Bahrain Economic Development Board, emphasized the importance of focusing on the continued development of the non-oil economy, where the SME sector plays a significant role in Bahrain's economic diversification efforts. The Bahrain Tender Board awarded 63 government tenders and bids worth 13.5 million Bahraini dinars to 56 SMEs in the first quarter of the year. The Tender Board has implemented initiatives to promote government procurement from SMEs, such as allocating a specific number of tenders to them and encouraging partnerships through the Synergy (Partnership Arrangements) initiative. A memorandum of understanding was also signed with the Bahrain Development Bank to provide financial support and facilities to SMEs participating in government tenders.As a result of these initiatives, the share of tenders allocated to SMEs has significantly increased, with 11% of the total value of government tenders earmarked for these enterprises. The goal is to reach a 20% allocation rate, and currently, SMEs in Bahrain have been awarded 541 tenders worth a total of $457 million, benefiting 315 SMEs.Tamkeen collaborates with local banks to offer financing solutions and works with the Ministry of Industry and Commerce, the Economic Development Board, and the Bahrain Development Bank to launch the "Startup Bahrain Pitch," providing investment opportunities and cash prizes for startups presenting their entrepreneurial ideas. Dalal Al Qais, the CEO of the Bahrain Development Bank, affirmed the bank's commitment to empowering SMEs through the launch of the "Tijara" financial technology platform in February 2023. This platform addresses the financing challenges faced by SMEs and facilitates the opening of accounts for small and medium-sized companies.Safa Abdulkhaliq, the CEO of Export Bahrain, highlighted the role of Export Bahrain in increasing exports and providing access to global markets. Export Bahrain has facilitated the export of goods and services worth $500 million, targeting small, medium, and large enterprises. It has also established over 40 international partnerships and provided access to 86 global markets.As the world prepares to celebrate World Small and Medium Enterprises Day on June 27, the SME Development Board in Bahrain remains committed to promoting the growth and sustainability of SMEs through its various initiatives. By collaborating with the private sector and providing necessary resources and support, the board aims to ensure that SMEs make significant contributions to Bahrain's economy in terms of GDP, exports, and employment. (ICE Doha)

Fonte notizia: Bahrain News Agency