Hassan Al -Sitry
A 3% increase in the contribution of micro, small and medium enterprises to the non -oil gross domestic product in 2024 compared to the previous year, is an achievement that reflects the success of the national policies to diversify the economy and enhance the role of the non -oil sector, according to the Chairman of the Financial and Economic Affairs Committee in the House of Representatives, MP Ahmed Al -Salloum, in conjunction with the celebration of the International Day of Small and Medium Enterprises, which confirms the importance of this sector as power A driver for sustainable economic development.
On the occasion of the International Day of Microbial, Small and Medium Entrepreneurs, in which the United Nations celebrates June 27 of each year, MP Al -Salloum stressed that this vital sector constitutes the backbone of the national economy in the Kingdom of Bahrain, and one of the most prominent engines of sustainable development and comprehensive economic growth, noting its pivotal role in promoting creativity and innovation, creating jobs, and diversifying sources of national income. Al -Salloum explained that the Kingdom of Bahrain continued to achieve noticeable growth rates in this sector during the year 2024, as the contribution of micro, small and medium enterprises increased to the non -oil GDP by 3% compared to the previous year, within the framework of the continuous efforts of the state to diversify the national economy and enhance the status of the non -oil sector. He pointed out that the number of establishments registered within this sector reached about 75 thousand establishments, which constitutes 93.3% of the total commercial records, of which 81% are owned by Bahraini citizens, while the percentage of institutions owned by women reaches 39%, and the percentage of youth ownership to about 23%, which reflects the balanced presence of this sector in the structure of the national economy.
Al -Salloum praised the great and qualitative support that this sector enjoys by the esteemed government, headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, as the government continued to implement distinguished programs and initiatives across the various concerned authorities, including the work fund “Tamkeen”, which continued to provide direct support to thousands of institutions through various operational and financing grants. The “Growth Fund for Small and Medium Enterprises” was also launched, the largest financing fund of its kind at a value of 100 million Bahraini dinars, in partnership with the Bahrain Development Bank and “Bahrain Exports”, which constituted a qualitative shift in sustainable financing paths for this sector.
In the same context, Al -Salloum praised the distinguished efforts made by the Ministry of Industry and Trade in implementing the plan to develop small and medium enterprises, as it achieved an achievement rate of 68% of the targets of the strategic plan until this year, which includes 44 main initiatives aimed at developing this sector and enhancing its competitiveness locally and externally. He explained that since 2017, the ministry launched the activity of business incubators and speeds, which provide integrated services for entrepreneurs in the fields of counseling, financial planning, and marketing. He added that the Ministry of Industry and Trade also initiated the launch of the electronic system for registering small and medium enterprises, which allowed it to benefit from important encouraging advantages, including allocating 20% of the value of government purchases and tenders in their favor, and a 10% priority in assessing the offers presented in government tenders and auctions, which contributed to expanding business opportunities in front of these institutions and enhancing their sustainability.
The President of the “Finance of the Representatives” pointed out the importance of the qualitative steps taken by government agencies to enhance the system of innovation, research and development in this sector, where in 2022 the Bahrain Center for Technology Transfer and Innovation was inaugurated in cooperation with the University of Bahrain, to be the first national center concerned with protecting intellectual property, developing university innovation projects, enabling the inventors to market their inventions and convert them into production projects that support the national economy. In the aspect of developing financial and financing services directed to this sector, Salloum praised the efforts of the Bahrain Development Bank to provide a wide package of specialized digital and banking solutions, through its electronic banking platform «trade», which facilitated the rapid financing procedures for small and medium enterprises, and contributed to the implementation of more than 16 thousand financing operations since its foundation, in addition to offering modern financing products such as «Express Trade» and «deduction Bill », which contributed to supporting the financial liquidity of these institutions and alleviating their operational burdens.
With regard to future opportunities, Salloum stressed the need to continue to develop this vital sector in the light of global economic and political challenges, with a focus on developing its technological capabilities, digital transformation and enhancing innovation, especially in the areas of artificial intelligence, green technologies, and financial technology, in a manner that ensures enhancing its competitiveness in global markets, and strengthens its flexibility in facing risks. Also, Salloum also stressed the importance of speeding up building a national database Integrated and comprehensive for small and medium enterprises, so that it constitutes an accurate reference that supports the decision -making process and drawing public policies in a scientific and studied manner, which contributes to enhancing the sustainability of this sector and ensuring that it accompanies the variables of international markets. At the end of his statement, Salloum renewed his emphasis on the pivotal role of the House of Representatives and the legislative authority in continuing the development of the legislative and regulatory frameworks necessary to protect these institutions and enhance their growth, from During the enactment of more legislation that supports the business environment, reduces the burdens and administrative and financial challenges, provides an advanced legislative umbrella to protect intellectual property and secure digital assets, and stimulates the sustainable growth of this sector, which represents a major pillar of Bahrain Economic Vision 2030.
