The BCCI in a statement on Saturday appealed to the public and private sector organizations to adhere to their national responsibilities by helping the loss incurring businesses which in return would help in maintaining the overall pace of economic growth.
It warned that the private sector was facing unprecedented challenges due to the economic recession which threatening many businesses and institutions, especially small and medium-sized enterprises (SMEs), go bankrupt in addition to causing joblessness specially among the national work force.
The BCCI said that it had received many appeals from the business community seeking an immediate intervention aimed at minimizing the negative effects of recession and other factors being faced by merchants in the country.
The BCCI appealed to the owners of major shopping malls to take measures to prevent exposure shops operating in the retail sector from going into bankruptcy.
“This help can be in form of reducing rents or postponing the rentals on a temporary basis or until things go back to the normal pace.”
It also called on the commercial banks of Bahrain to offer financial facilities particularly with regard to loans, either through rescheduling of the existing loans of the SMEs or by reducing the monthly installments as low as possible or consider the possibility of delay in payments since many of the institutions and private sector companies face an unprecedented financial pressure due to the dry business conditions on the ground due to many factors in addition to recession being the major reason of accumulating losses businesses.
The Chamber said that business owners pay fees to a number of government agencies, but the continuation of the situation for what it is to prevent the ability of these institutions to continue to pay, calling for a number of steps, even if temporarily help the private sector of Bahrain to overcome this crisis with the least amount possible losses.
It also called upon the Government to help businesses in the state of vulnerability by accelerating its pace to pump money to local market by stimulating the economy and alleviate the negative effects of the crisis on the national economy.
The BCCI hoped that a positive response from the concerned quarters would help in establishing a better link with merchants and business owners. “An immediate action will help the businesses to overcome the current stage of crisis without reaching the stage of potential losses,” the BCCI said.
“All parties should work together by assuming their national responsibilities to achieve a common goal of saving businesses. For example, some businesses desperately need help aimed at enhancing their confidence in business and investment climate. The current business scenario needs an immediate confidence boost which will enhance the economic development as well as create more job opportunities for the nationals,” the BCCI added