Bahrain’s Industry, Commerce and Tourism Minister Zayed bin Rashid Al-Zayani announced on Monday a national plan that’s going to be implemented by the Ministry in cooperation with the Economic Development Board, Tamkeen, and the Bahrain Development Bank to develop the small and medium-sized enterprise’ (SMEs) sector.
According to the Minister Zayed, the plan is currently in its final stages as the Ministry of Industry, Commerce and Tourism is preparing to submit their plan to the Board of Directors of the Economic Development Board in order to officially adopt it in the SME sector, which is expected to be implemented in the first half of 2018.
Zayed Al-Zayani stated that the new national plan will include all the axes of work in this sector, including the legislative and applied aspects. He also said that it’ll include the development of laws such as insolvency law and bankruptcy, channels of financing and encouragement to export and provide all kinds of advice.
He further stated that the plan aims at giving SMEs an integrated environment that is capable of providing everything they need to succeed. This, in turn, motivates Bahraini entrepreneurs to work harder and shine in this field.
It’s also interesting to note that SMEs account for about 30% of Bahrain’s economy with up to 6,335 enterprises in the Kingdom.
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