“In recent years, Bahrain has been focusing on developing its Islamic banking and its insurance subsectors in an attempt to create a niche in a highly competitive market in the Gulf region,” the Minister of Industry and Commerce Mr. Zayed R. Alzayani, said on Sunday.
The Minister was speaking as he opened the “Bahrain Export Trade Expansion Forum” organized by the Ministry of Industry and Commerce in collaboration with the United National Development Program (UNDP) at the Diplomat Hotel.
“To expand the Bahrain export trade in the non-oil sector, the Ministry of Industry and Commerce in partnership with Economic Development Board, Tamkeen and Bahrain Development Bank is embarking on a major initiative to set up an Export Development Centre with the main objective of providing advisory services and financial assistance to boost exports from small and medium enterprises. On the GCC longer term plans to reinforce infrastructure are well on the way with the announcement of King Hamad Causeway which will not only serve as our second connection to KSA but also as our first Rail Road linkage to the GCC,” he said, adding that the effectiveness of a national trade promotion strategy will depend on the country’s trade promotion infrastructure.
“Both the public and private sectors have to work together in developing this infrastructure. The proposed Export Development Centre will be an important link in our trade promotion,” he said.
“Infrastructure and will assist the private sector in assessing its export readiness and in building the capacity to engage in and sustain export activities.”
The Minister emphasize a focused approach in expanding exports; both the private and public sectors need to work together to identify the best market- product matrix and then select the target markets to concentrate on market promotion and developmental efforts.
“Expanding exports is a strategic necessity for the government and part of essential business strategy for the Bahraini private sector.”