With full confidence, a number of owners of small and medium enterprises confirm that becoming “large” is not a far-fetched matter, especially with the supportive measures introduced by the government, whether in the Small and Medium Enterprises Development Council or through the programs provided by the “Tamkeen” Labor Fund and the “Al Adheed” Initiative. Which was launched by the Tenders and Auctions Board within the second package of initiatives to support small and medium enterprises within the framework of the updated plan for the years (2022-2026), in addition to the trend to raise financing and provide “rewarding” facilities on the part of banks and financial institutions operating in Bahrain.
She can get up
and what? Is the difficulty of obtaining financing an obstacle to the growth of the “small and medium” category? Or are there other reasons, including the size of the market and the ability to innovate and compete locally, in the Gulf, and globally as well? In this regard, Abbas Al-Alawi, an entrepreneur in the field of car services, believes that the active and vital sectors in the market can advance according to their management plans, and therefore they will not dispense with the support provided by government agencies and banks as well, but the issue of development, innovation and keeping pace with market requirements no longer makes any difference. Between small, medium and large companies, they must do so, otherwise they will not be affected by “recession”, followed by loss and then closure.
Market entry
This sector is not easy at all, according to data from the Ministry of Industry and Trade. There are more than 70,000 commercial records for small and medium enterprises, which constitute 93% of all commercial businesses. Here, its importance is highlighted as a vital pillar in the national economy, which makes the state renew its support ideas. Protection and initiatives that support the operational and service aspects on the one hand, and encouraging more entrepreneurs, especially young people of both genders, to enter the market on the other hand.
Economic recovery
Where are small and medium enterprises located on the Ministry of Industry and Trade’s interest map? The Ministry’s Assistant Undersecretary for Industry Development, Khalid Fahd Al-Alawi, answers this question by pointing out that what confirms the interest is Minister Abdullah Fakhro’s supervision of the Small and Medium Enterprises Development Council. The Council has put in its updated strategy, which was launched in accordance with the economic recovery plan, everything that contributes to facilitating access to… Products and services of small and medium enterprises to markets, not only at the local level, but also at the regional and global levels.
He confirms that the Ministry, in cooperation with various official authorities, specialized institutions and the financial sector, was keen to discuss ideas and study steps that expand the effective and flexible business environment. Not only that, but we are working to develop the skills and capabilities of Bahraini entrepreneurs. In my estimation, Al-Alawi says, strengthening the culture of… “Innovation and creativity” are the most important starting points that entrepreneurs need to keep in mind. To develop their institutions.
Thoughtful expansion
In general, the Chairman of the Board of Directors of the Bahraini Small and Medium Enterprises Association, Abdul Hassan Al-Dairi, encourages entrepreneurs in various sectors to plan thoughtfully for expansion, while providing all support and advice that corrects the course and achieves the desired indicators. In this regard, he explains that the Central Bank of Bahrain will increase the percentage of financing provided to small and medium enterprises. Starting from the year 2024, in addition to the directives issued by the Chairman of the Board of Directors of the Labor Fund “Tamkeen”, His Highness Sheikh Isa bin Salman bin Hamad Al Khalifa regarding the support programs that benefit approximately 50,000 Bahrainis per year, in addition to supporting institutions operating in the private sector. .
The ball is in their court
Al-Dairi asserts that a large segment of Bahrainis who run small and medium enterprises aspire to have their enterprises become “large,” and even be listed on the Bahrain Stock Exchange and offered for public subscription. I say that the goal is in the ball of entrepreneurs who are thinking about launching their new projects, or developing existing enterprises. In fact, it has transformed from micro to medium to large. These institutions have always been the backbone of the economy, and we look forward to their role in economic development, and as such they deserve programs of support, motivation and assistance.
Al-Bilad newspaper alerts various profitable electronic news platforms to the need to be careful, as stipulated in the law concerned with protecting intellectual property rights, regarding the illegality of transferring or quoting the content of this journalistic material, even if the source is indicated.
