Exporter support solution launched

MANAMA: Export Bahrain, an initiative of the SME Development Board, has launched a startup exporter support solution aimed at helping local businesses to initiate exports to new markets across the globe.

Targeting startups, SMEs and micro-businesses wanting to export for the first time as well as those looking to export new service and product lines, the new solution provides access to incentive-based grants to overcome initial liquidity challenges faced by first-time exporters.

Prospective exporters wanting to use the solution have to present their plans to Export Bahrain, which will evaluate their eligibility before granting assistance of up to 20pc of initial value of the first export transaction.

The initiative is a part of the organisation’s portfolio of services and solutions that include: provision of export credit insurance facilities, internalisation and export advisory, export tendering, international retail buyer initiative, export shipping and logistics, export facilitation and deal support, export market intelligence and more.

Commenting on the launch, Industry, Commerce and Tourism Minister Zayed Alzayani and SME Development Board chairman said: “Introducing new exporters to the market is a critical component of our national strategy to attract more international buyers to small and medium businesses. Initiatives such as this will serve to incentivise companies to explore new market opportunities and attract global buyers to products and services in Bahrain while helping to accelerate their growth.”

Export Bahrain acting chief executive Safa Abdulkhaliq added: “Our latest solution is designed to encourage exporters to initiate their first export transaction and in the same time to cover the necessary overheads required for the cost associated with that.”

Source: https://www.gdnonline.com/Details/944715