Dr. Hassan Fakhro inaugurates Small and Medium enterprises Day at Bahrain Exhibition and Conferences Center

He added, "The Kingdom of Bahrain's Economic Vision 2030 Statement is the declaration of our aspiration to strengthen and diversify non-oil economic growth and empower the private sector to be in the forefront of economic development leading to higher productivity and good living standards for our citizens. The National Economic Strategy places great emphasis on development of our most important asset - our human resources, and aims the creation of a thriving and dynamic small business sector encompassing both industrial and service sector activities."

The minister stressed, "Bahrain's unique mix of market access, skilled labour, low operating costs and zero corporate taxes have stimulated investment across a wide range of sectors. We have an established track record in a number of key sectors such as, manufacturing, retailing, banking, tourism and many other avenues with new sectors, developing more and more. This represents vast opportunities for enterprising individuals to set up new businesses in Bahrain."

While the Government can create an enabling and business friendly environment for the private sector to flourish, it is also up to the private sector to take full advantage of the policy initiatives and seize the opportunity. If we are to achieve our national goals, for the businesses in Bahrain, from the small sole proprietorships to the public companies, and must step up and face the challenges to seize the opportunities that the wise leadership of our great Country has presented us with.

He added that over 90% of all businesses operating in Bahrain are micro and small enterprises and this segment is crucial for the future growth of our economy, and its greater contribution to GDP.

Dr. Fakhro affirmed, "Bahrain provides a comprehensive package of financial and non-financial support services for the small businesses. Several new initiatives have recently been taken or are in the pipeline. The Ministry of Industry and Commerce in partnership with the Bahrain Chamber of Commerce and Industry is in the process of establishing the Bahrain Export Development Centre with the objective of raising and improving export capabilities of our domestic enterprises."

The Ministry of Industry and Commerce has recently put in place the Bahrain Subcontracting and Partnership Exchange, and in association with the Gulf Organisation for Industrial Consulting. This is an important initiative to facilitate inter firm co-operation, within the Country as well as in the Region.

The minister concluded his speech by confirming that the vision and efforts of holding this event stem from the belief that the small and medium enterprises play a strategic and pivotal role in economic and social development of the Country. Dedicating this day to SMEs is a demonstration of the value that the Government places on this sector, and its potential value for the national economy.