Bahrain Determined to Increase Bahranization Efforts

Plans are on track to increase the number of Bahrainis employed in the small and medium enterprises (SMEs), from the current workforce of 36,000 to 43,000 by 2023.

This was revealed by Industry, Commerce and Tourism Minister Zayed Alzayani who said the government has taken a wide range of measures to support SMEs including access to capital and amending laws.

“We want to expand the export of Bahraini goods and services, which today is eight per cent of the total exports, to reach 20pc by 2023,” added Mr Alzayani.

“During the same period, we want to increase the number Bahrainis employed in the SMEs sector from 36,000 to 43,000.”

He was speaking during the inaugural plenary session of the Global Entrepreneurship Congress at the Bahrain International Exhibition and Convention Centre, Sanabis, yesterday.

Earlier, in his opening remarks, he welcomed delegates from more than 170 countries and shared the story of Bahrain’s success with the SMEs.

“In 2008, we launched the 2030 Economic Vision, to transform our economy from a predominately oil-based to more robust, diversified and competitive economy.

“Ten years later, our economy is 80pc driven by the private sector, and oil and gas sector contributes less than one quarter of our gross domestic product (GDP).”

Mr Alzayani said the vision was well on track as amendments have been carried out to the companies law, commercial registration (CR) and other legislation to change the cumbersome process involved in registering a new business.

“We have streamlined a number of government agencies involved in the registration process to save time for a new business.”

“Our aim is to create an ecosystem for SMEs and start-ups primarily from Bahrain.

“Hosting such a global conference in Bahrain is testament to the government’s core belief in supporting the SMEs sector.”

A $100 million Bahrain SME Fund was set up in 2017 to help new businesses and a five-year strategy, up to 2023, was also being worked out to help small businesses.

“In addition, we launched Export Bahrain to encourage the SME sector and look for opportunities beyond the local and regional markets,” said Mr Alzayani.

“We are committed to 20pc of government’s annual purchases from the SME sector.”

More than 90pc of Bahrain enterprises are SMEs and their contribution accounts for about 30pc of the kingdom’s GDP.

“One of the challenges we face is to change the mindset and empower Bahrainis from being job seekers to job providers,” Mr Alzayani told the GDN on the sidelines of the conference.

Also co-chairing the plenary session was Tamkeen chairman Shaikh Mohammed bin Essa Al Khalifa and Economic Development Board (EDB) chief executive Khalid Al Rumaihi.

They were joined by businesswoman Sonya Janahi and Hala Sulaiman who shared their experiences of starting their businesses in Bahrain and the challenges they faced.

“The core of the 2030 Economic Vision is the principle of how to make private sector the choice for Bahrainis, and Bahrainis as the employees of choice for this sector,” said Shaikh Mohammed.

Mr Al Rumaihi, in his remarks, stressed that creation of jobs is high on agenda of decision-makers in the region.

“The start-ups in Bahrain have created high salary jobs, for example, in the technology sector such as system developers or data scientists, that is desirable by our nationals,” said Mr Al Rumaihi.

The conference ends tomorrow with several sessions and B2B meetings lined up between delegates to brainstorm on new ideas and work on future partnership.

Al Bawaba Contribution Time: 17-Apr-2019 12:31 (GMT)
Al Bawaba Last Update Time: 17-Apr-2019 12:31 (GMT)