The Industry and Commerce Ministry of the Kingdom of Bahrain has launched an initiative to develop a national policy for entrepreneurship.
Dr Hassan Fakhro, Bahraini minister for industry and commerce, revealed the government’s plans at the 18 meeting of the main committee tasked to co-ordinate and integrate SME activities, which was attended by representatives from both the government and private sector.
The minister stressed the importance of putting in place a special policy for entrepreneurship, given the important economic role SMEs play in the national economy.
The new initiative is in line with many other steps taken by the government to train more Bahrainis to enter the SMEs sector.
The country’s SME sector accounts for nearly 73 percent of all private sector jobs, and is mainly focused on trading, which represents 42 percent of all SME activity, followed by manufacturing and construction, both at around 14 percent.
However, statistics indicate that out of all employees, non-Bahrainis account for 86 percent and that SMEs provide work for just 44,800 citizens.
Dr. Fakhro said that the new policy would unite efforts of the concerned authorities to create a favourable environment for businesses and enhance competitiveness of SMEs.
The meeting also addressed the developments of the ministry's initiative on issuing a special law for SMEs.