Manama: Abdullah bin Adel Fakhro, Minister of Industry and Commerce and Chairman of the Small and Medium Enterprises (SME) Development Council, chaired the council's 26th meeting. Minister Fakhro emphasized the significant role of small and medium-sized enterprises in economic development, diversification, and sustainability. He underscored the necessity of advancing policies and programs that bolster the sector's resilience and adaptability to economic changes.
According to Bahrain News Agency, the Industry Minister acknowledged national initiatives that support SMEs and micro-enterprises, particularly highlighting the economic stimulus package approved by the Labour Fund (Tamkeen). This package, led by His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, aims to provide grants and financial support to 7,250 Bahraini companies impacted by recent Iranian attacks. The initiative is designed to assist these companies in maintaining operations, expediting recovery, and supporting the stability of the national workforce.
The Industry Ministry provided updates on the council's 2022-2026 plan and the progress made on performance indicators. The meeting highlighted positive outcomes achieved during the implementation period and noted that the current phase marks the final stage of this plan. The forthcoming development phase will build upon these achievements, ensuring continued impact and alignment with national priorities.
The council stressed the importance of ongoing coordination among relevant entities to ensure effective implementation and sustainability of initiatives. It emphasized keeping pace with regional developments to maintain sector stability and performance, showcasing Bahrain's adaptability in navigating changing conditions.
Several initiatives supporting the sector were reviewed during the meeting. Bahrain Development Bank shared updates on financing solutions for SMEs, while Export Bahrain discussed export performance indicators and efforts to facilitate external trade. This includes improving logistics procedures and cargo movement to support business continuity and competitiveness.
The meeting concluded with a focus on continued collaborative efforts to ensure sustainable development within the sector, enhancing its readiness to achieve future goals.