Chamber ‘plays crucial role in Bahrain’s growth’
MANAMA: Bahrain Chamber (formerly known as the Bahrain Chamber of Commerce and Industry) has played a key role in the formulation of national economic strategies and regulations, resulting in great benefits for the private sector.
Sameer Nass, the chairman of Bahrain Chamber, told the GDN in an exclusive interview that one of its key achievements has been a revision in commercial registration (CR) fees in 2018, which was the result of a comprehensive study that the chamber submitted to the government.
“Ultimately, fees for new CRs were reduced by up to 90pc in some sectors such as the construction sector,” he added.
According to him, after the chamber’s advocacy, the government ordered ministries and government departments to honour their commitments to companies and small and medium-sized enterprises (SMEs) and pay their dues and bills urgently through the Central Financial System before the closing of the 2018 financial year.
An update to the flexi-permit system, as per directives from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince Prime Minister, was implemented on the basis of the Labour Market Challenges Study produced by the chamber, said Mr Nass.
The government earmarked BD21 million to pay the dues of ministries and government departments to companies and SMEs, one day after the chamber submitted a study, he added.
Since its inception in 1939, the main body representing the private sector in Bahrain has evolved to meet the requirements and expectations of each era, while staying abreast of local and international economic developments.
Mr Nass said the chamber’s scope of work has also grown over the years to match the growing share of the private sector in the economy of the country.
It now provides advanced insights that contribute to plans and strategies aimed at promoting economic development, and ensuring that these strategies are responsive to local, regional, and international changes.
“Over the past 80 years, there have been numerous milestones in the business sector due to the rapidly changing nature of the economy and business environment on both local and international levels,” the chairman said.
“The Bahrain Chamber’s role now is to remain aware of these changes and to assist the private sector in dealing with any hardships that may arise through providing various member services, conducting studies on relevant economic issues, and partnering with the government in policy-making, among other tasks.”
He said a major development that is occurring within the business sector globally is the increasing need to move towards technological adoption as necessitated by the fourth industrial revolution and the coronavirus pandemic.
The chamber is working on increasing digitalisation and encouraging owners to implement it in their business to ensure continuity and growth.
According to Mr Nass, rebranding the Bahrain Chamber and launching its new identity and logo came to match the expanded role of the organisation in terms of its vision, mission, and goals.
“It represents a new era in the chamber’s long-standing history, in which it plays a prominent role in furthering the development of the kingdom in line with Vision 2030.”
He said the chamber’s primary aim is empower the growth of the private sector through closer links among members and focused efforts with the government to promote the kingdom as a world-class investment and commercial hub.
