Scheme launched to accelerate exports
MANAMA: Industry, Commerce and Tourism Minister and chairman of the SME Development Board Zayed Alzayani launched a new scheme to boost exports yesterday.
Launched by the SME Development board in co-operation with Tamkeen, Export Bahrain aims to strengthen the private sector’s role, promote exports and increase the competitive power of local small and medium enterprises.
During the launch, the minister said that Export Bahrain reflects the kingdom’s long-standing commitment to accelerating diversification efforts.
Mr Alzayani added that SME Development Board’s five-year plan includes several initiatives that aim to facilitate financing, increase market access, streamline Bahrain’s business environment, improve skills, and foster innovation to achieve sustainable growth.
He said Export Bahrain will increase exports’ contribution to GDP from 30 per cent to 40pc, increase the share of exports from 8pc to 20pc and increase the number of Bahrainis working in SMEs from 36,000 to 43,000.
Economic Development Board chief executive Khalid Al Rumaihi said: “Export Bahrain will play a major role in increasing domestic exports. This increase will have a direct impact on the trade balance and improve cash reserves, and create jobs.”
Tamkeeen CEO Dr Ibrahim Janahi said that Export Bahrain aims to support local companies that wish to expand into international markets.
Ashish Shah, director, division of country programmes at the International Trade Centre (ITC), highlighted Export Bahrain’s strong partnership with trade and investment promotion organisations around the world, noting that the establishment will contribute to the diversification of the economy and enhance the competitiveness of SMEs.
Mr Shah expressed ITC’s readiness to provide the required technical assistance to enhance exports, which includes providing advisory services to the centre, co-operating with the Arab Investment and Export Credit Guarantee to introduce export insurance, and providing financing services in partnership with Bahrain Islamic Bank and Bahrain Development Bank.
Yesterday’s launch took place in conjunction with the final stage of preparation for the ‘Made in Bahrain’ trademark, which has been approved by the ministry and will soon be used by local businesses to promote Bahraini-made products.
Source: http://www.gdnonline.com/Details/430479
