Industry and Commerce Minister Dr. Hassan Fakhro affirmed the Ministry’s continuous support to the small and medium enterprises (SMEs) in line with the Government’s vision
“We will continue to provide all means of support possible to SMEs sector enabling them to enhance their capacity and competitiveness locally and regional, pointing in this context to the integrated plan and strategies adopted currently by the Ministry to implement it in cooperation and coordination with the private sector and concerned institutions to study the situation of this sector and put perceptions and recommendation aimed at enhancing it,” Dr Fakhro told the participants of the meeting on SMEs.
This came during chairing the 13th meeting of Main Committee to Coordinate and Integrate SME Activities in Bahrain, where the minister stressed the importance of joint action and coordination between all relevant authorities to provide the best services and the highest levels of support required by the small and medium sector which in witnessing a remarkable growth in the recent years.
The Minister stressed the role of Sub-contracting and Industrial Partnership to strengthen and diversify small industries and enterprises in offering their products and services to the large companies, H.E also discussed the role of large and medium companies and its divisions and supplements in order to serve business owners and economic diversification and contribution of industry to the national GDP.
The meeting also considered the possibility of helping microenterprises submit their audited financial reports to the Company Affairs Directorate of the Ministry of Industry and commerce as per the law, but at modest cost borne by these companies through seeking and initiative of the Ministry of Industry and Commerce, for the audit firms to offer technical assistance to institutions small and medium enterprises to enhance their profit margin.
During the meeting, they discussed the latest developments related to project of developing electronic portal for the small and medium enterprises in the Kingdom of Bahrain, which is implemented by the Ministry of Industry and Commerce in collaboration with “Tamkeen” and Bahrain development Bank. The project aims to encourage culture of entrepreneurship and promote to develop a dynamic sector for small and medium enterprises and enhance SMEs contributions to the national economy.
Ebdaa bank gave a visual presentation about services offered by the bank for small projects that emanating from the Bahrain Economic Vision 2030, in addition to the other national strategies. They also reviewed Bahraini model in sustainability and shed light on the target group that specifications of support applies in term of conditions that should be available in the client and were explained ways to provide funding through a number of conservative financing
The Minister thanked and appreciated all parties and personalities involved in the Committee, valuing their important and influential role in enhancing committee work and achieve its objectives.
The committee members praised all initiatives undertaken by the Ministry of Industry and Commerce, which contributed significantly to progress and develop ministry work and develop services provided to citizens.
The meeting was attended by representatives from EDB, Bahrain Development Bank, Tamkeen, Bahrain Chamber of Commerce and Industry, Bahrain Young Entrepreneurs Association, Public Commission for the Protection for Marine Resources, Environment and Wildlife, Ebdaa Bank, The Ministry of Municipalities Affairs and Urban Planning, Bahrain Businesswomen Society, and private sector representatives.