The Minister of Industry and Commerce and the Minister of Foreign Affairs and Chairman of Tamkeen signed MoU

In this regard, the Minister of Industry and Commerce Dr. Hassan Fakhro confirmed the importance of partnership between government and private institutions and those aiming to provide quality services to citizens. He alluded the role such agreement to enhance common understanding and coordination based on long term plans and studied strategies. Dr. Fakhro stressed Tamkeen's role in cooperating with various institutions to strengthen partnership and create a better working environment for the private sector.

From his part Dr. Nezar Al Baharna said "This MoU symbolises our partnership with the concerned authorities to serve the private sector and is a key element in the efforts of Tamkeen to nurture SMEs and the private sector as the engine of economic growth and we envisage a wide range of activities towards this end with the Ministry of Industry and Commerce," He added "The MoU emphasises that both parties shall work on eliminating all obstacles hindering the growth of the private sector in order to increase its contribution to the national economy."
The MoU is part of the government's efforts to enhance the mutual co-operation and co-ordination between different governmental agencies in the united effort to boost SME productivity.

The provisions of the renewable three-year MOU state that both parties shall spare no effort to promote the economic system and boost the private sector especially industrial SMEs by creating an appropriate environment for the private sector to play its role effectively in the development of Bahrain.

In addition to the annual plan approved by Tamkeen, the MoU states that both parties shall enter into special agreements detailing each and every project or initiative that Tamkeen approves or amends according to the applicable procedures. These agreements shall include the idea of the project, the rights and obligations of parties, the implementation procedures and the guarantees of these procedures.

As far as activities are concerned, the MoU states that both parties shall co-operate in terms of organising joint activities and programmes which would develop private sector institutions and enhance their contributions to development. These programmes include joint seminars, conferences, symposiums, workshops and other similar activities.