SMEs board meeting held

The minister of Industry, Commerce and Tourism Zayed R. Alzayani chaired SMEs Development Board meeting in presence of CEO of Bahrain Economic Development Board Khalid Al Rumaihi, CEO of Bahrain Development Bank Sattam Alogsaibi, CEO of Tamkeen Dr. Ebrahim Mohammed Janahi.

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.

During the meeting, a number of organizational topics were discussed for SMEs Board and its role in coordinating the efforts of public and private sector and enhancing ties of cooperation and integration within the framework of Bahrain Economic Vision 2030.

They also touched the development of micro, small and medium enterprises in the Kingdom of Bahrain and the current reality of the institutions with the main focus of current and future programs in five main areas: facilitating financing, regulating business environment, developing skills and enhancing innovation, as well as the market access which focuses on several aspects especially Export Development Center.

D&B consulting company provided a visual presentation on study on how ready the industrial sector in the Kingdom of Bahrain for export. In this context, the stages of the study were reviewed from an analysis of the reality of the Bahraini market and the evaluation the status of small and medium enterprises as well as the micro and entrepreneurial, as well as identifying gaps in export vulnerability and identifying priority exportable sectors. It is worth mentioning that the study will be completed by the end of this year.

They also reviewed 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.

Source: BNA