Big plan to boost small enterprises

MANAMA: Industry, Commerce and Tourism Minister Zayed Al Zayani has announced a national plan to be implemented in co-operation with the Economic Development Board (EDB), Tamkeen, and the Bahrain Development Bank to develop the small and medium enterprises (SMEs).

SMEs account for a majority of the registered businesses (6,335 enterprises) and have a 30 per cent share of the national GDP.

The minister said the plan was in its final stages as the ministry is preparing to submit it to the board of directors of the EDB to adopt it officially in the SME sector, expecting it to be implemented during the first half of 2018.

The new national plan for the development of SMEs will include all legal and policy frameworks as well as procedures, he said, adding that it will also include the development of laws such as insolvency law and bankruptcy, channels of financing and encouragement to export and provide all kinds of advice.

The new national plan aims at giving small and medium-sized enterprises the right ecosystem capable of motivating Bahrainis and entrepreneurs to excel.

Mr Al Zayani was speaking on the sidelines of his patronage of the graduation of five batches of the United Nations Industrial Development Organisation Enterprise Development and Investment Promotion Programme.

Source: http://www.gdnonline.com/Details/304496/Big-plan-to-boost-small-enterprises