HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, chaired the 15^TH meeting of the SMEs Development Board on Wednesday, March 1, 2023 at the Ministry.

The Minister began the meeting by welcoming the members, followed by a presentation by SMEs Development Director Ms. Shaikha Al-Fadhel, on the initiatives of the Council's work plan (2022-2026) and the achievement rates according to the performance indicators of the initiatives and projects under implementation, noting that the Board has completed 24 out of 43 initiatives within its strategic plan since its establishment.

Moreover, the latest developments of UOB's Bahrain Innovation and Technology Transfer Center were reviewed, including the 13 invention disclosure forms received by the Center to date. The meeting also discussed the latest developments regarding the initiatives to enhance SMEs' participation in government procurement, which in turn contributed to raising the share of this category of enterprises in government procurement and tenders to 11% during the year 2022.
During the meeting, Al Amal Fund affirmed the sustainability of Al-Amal's initiatives in supporting Bahraini youth projects, as Al-Amal launched the 'Biban Crowdfunding Platform', through which it became the first program in the world to include an interactive crowdfunding component, and the platform succeeded in facilitating funding for two Bahraini companies with an amount of 80,000 US dollars.

To comply with the national efforts to encourage SMEs to digital transformation, the most important points were reviewed regarding the "Tijara" platform initiative launched by BDB to empower start-ups and SMEs and provide them with flexible and innovative financial services that provide them with direct access to financing options. This was followed by a presentation on talent development and Export Bahrain, regarding its achievements this year, which exceeded 350 million US dollars.

In conclusion, HE the Minister stressed the importance of continuing efforts to support SMEs and entrepreneurs to develop its contributions to the national economy.​

Minister of Industry and Commerce HE Abdulla bin Adel Fakhro stressed the depth of bilateral relations tying Bahrain and France on various levels, most importantly in commerce and industry, crowned by many joint economic agreements between the two countries, signed during the official visit of HM King Hamad bin Isa Al Khalifa to the French Republic on April 28, 2019.

This came during a business luncheon organized by the French Chamber of Commerce and Industry in the Kingdom of Bahrain (FCCIB), in the presence of French Ambassador to the Kingdom of Bahrain Jérôme Cauchard, and FCCIB President Mr. Jean-Christophe Durand, and a number of (FCCIB) members and businessmen and investors in the Kingdom, at the Gulf Hotel - Bahrain. 

The Minister noted that the Government of Bahrain has taken many steps to make the Kingdom an attractive destination for foreign companies and investments, as the local economy continues to grow and thrive thanks to the diversification policy.

His Excellency also reviewed a set of measures taken by the Ministry to facilitate procedures and attract more investments at the local, regional and global levels.

(FCCIB) is part of the network of French Chambers of Commerce and Industry abroad (CCI France International) and it aims to strengthen economic relations between Bahrain and France. 

​

Israel's Start-Up Nation Central – a nonprofit that connects governments, corporations and investors to the Israeli innovation ecosystem – together with the Ministry of Industry and Commerce in the Kingdom of Bahrain (MOIC), Bahrain's Economic Development Board (EDB), the Embassy of Bahrain in Israel, and the Embassy of Israel in the Kingdom of Bahrain has announced that it will hold the first conference for business leaders of both countries.

The “Connect2Innovate" conference in Manama, Bahrain is a first-of-its-kind event taking place between March 13-15. The event will bring together government officials, major companies, international organizations, business communities, and tech innovators, to focus on challenges across fintech, logistics and supply changes, water, energy and climate.

The event will also include a unique policy track, including workshops on tech ecosystem building and human capital development, challenges that both countries face and can share knowledge and best practices.

Start-Up Nation Central is bringing a delegation of more than 50 Israelis including senior government officials, business executives, entrepreneurs, and investors, to Bahrain.

The Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed that the conference will bring together visionary speakers from business sectors in Bahrain and Israel, to explore the opportunities and challenges in the fields of innovation and technology.

He said: “this event is a unique opportunity for both Bahrain and Israel to come together and share their experiences, best practices, and work towards developing innovative solutions that will drive progress and growth in the industry."

The Minister added, “The potential for collaboration between our nations is vast, and this conference will serve as a platform to harness this human capital and develop new technologies, business models and economic opportunities."

Ambassador Eitan Na'eh, Ambassador of Israel to the Kingdom of Bahrain said, “The Connect2Innovate conference is taking place in Manama as both Israel and the Kingdom of Bahrain are moving forward to realize the vision of the Abraham Accords and the opportunities it offers us all as it strives to reach its fullest potential. Taking the Accords from a vision to reality, relations between our two countries are moving forward as we harness both countries' added values- our human capital, mutual quest for peace, security and prosperity through innovation, economic cooperation, and progress.

The conference will allow our business communities to explore ways to cooperate moving forward and together, by creating a model whereby close friendly relations plus cooperation in innovation equals opportunities for growth and prosperity. We invite others to join us on this journey. Let us innovate! I wish us all success in this endeavor."

Start-Up Nation Central CEO Avi Hasson said, “Over the past two decades, Bahrain has emerged as an important player on the international stage, with a growing economy that offers exciting investment opportunities."

Hasson added that “Innovation and technology are essential elements in this partnership and can help translate the agreements into practical bilateral trade that can revolutionize the entire region as it tried to align to new development goals."

During the conference's opening ceremony, a live signing of a series of MOUs between Israeli and Bahraini entities will take place to pave the way for a surge of B2B and G2G activities - particularly in the fields of fintech, manufacturing, logistics, water, energy and climate.

The second and third days of the conference include professional workshops, lectures, business panels, pitch sessions and roundtable discussions around separate business and policy tracks.

H.E. Minister of Industry and Commerce Abdulla Fakhro affirmed the esteemed government's support to the industrial sector in Bahrain, as one of the promising sectors in the economic recovery plan, supporting the goals of comprehensive development under the leadership of HM King Hamad bin Isa Al Khalifa, and the continuous follow-up of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.

This came as H.E. the Minister headed the delegation of the Kingdom of Bahrain in the meetings of the Executive Committee and the Higher Committee for Integrated Industrial Partnership for Sustainable Economic Development, held in Amman, Jordan, from 25 to 26 February 2023, in the presence of Their Excellencies Ministers of Industry of the UAE, Jordan and Egypt.

The Minister stated that Bahrain's accession to the Partnership contributed to enhancing the industrial sector with over 10 proposals for industrial projects with an estimated value of over $ 2 billion, which reflects the awareness of the private sector of these opportunities that follow the industrial sector strategy (2022-2026) in achieving industrial integration.

Fakhro added: "Perhaps the opportunities of this partnership lie in the industries the Kingdom of Bahrain is entering for the first time, such as the electric car industry, which we are proud of, in addition to the development of modern technologies in the fields of pharmaceutical industries."

"The integrated industrial partnership has provided a golden opportunity for our factory in the midst of its restructuring, as the supply agreement resulting from our partnership with the UAE's “M Glory" ensures the continuity and sustainability of the company," said GARMCO CEO Mr. Mohammed Rafi, noting that the factory is currently studying other investment opportunities under the partnership to complete the value chain for the manufacture of electric vehicles.

For his part, Mr. Nizar Adwan, “Alpha Biotech" CEO, stated that the interest of the Ministry of Industry and Commerce in the industrial sector in light of the ambitious strategy has opened broad horizons for SMEs' growth and sustainability, noting that Bahrain's accession to this partnership opens billion-dollar worth markets outside the borders and opportunities to replace imports from the partnership countries.

Moreover, Dr. Waqar Ahmed, Managing Director of Gulf Biotech, expressed the company's commitment to improve the healthcare sector by developing and providing a wide range of vaccines in key markets, and that the project will contribute to meeting the needs of the region and its self-sufficiency.

The meeting included the announcement of a number of projects resulting from partnerships, most importantly the supply of aluminum sheets by "GARMCO" to manufacture electric cars in partnership with UAE "M Glory", and a number of MOUs for producing pharmaceuticals by "Alpha Biotech" factory in partnership with Dar Al-Dawa Company from Jordan and Ebeko from Egypt, in addition to a technology transfer agreement between "Gulf Biotech" and one of the Egyptian factories at an investment value of over 600 million USD.

The Kingdom of Bahrain joined the Statute of the Integrated Industrial Partnership for Sustainable Economic Development in August 2022, along with the UAE, Jordan and Egypt with the aim of securing supply chains, self-sufficiency, localization, integration of value chains, creating integrated value-added industries, in addition to economic development, diversification, providing qualitative opportunities and sustainable economic development.​

Under the patronage of the Minister of Industry and Commerce, H.E. Mr. Abdulla bin Adel Fakhro, the official opening ceremony of the third branch of the business incubator and accelerator "The Collective Hub", was held this morning, organized by Tenmou Company at Yateem Centre, Manama. In the presence of Tenmou and The Collective Hub Chairman, Mr. Suhail bin Ghazi Algosaibi.

During the ceremony, H.E. Fakhro affirmed the government's support to the SMEs sector by issuing stimulating legislation and laws and developing infrastructure to create an attractive economic environment for investment, praising in the innovative contributions made by Tenmou to support entrepreneurs.

On the other hand, Collective Hub Chairman Mr. Suhail Algosaibi, stated: "Since the launch of the incubator in February 2020 with its first and main branch in the Adliya, we have been able to achieve many outstanding achievements, as the available work spaces were filled within six months despite the pandemic, and a joint cooperation agreement was signed with (BNH) to provide distinguished services to members, as the success of The Collective Hub continued at a steady and deliberate pace and expanded to open its second branch in 2021 in Bahrain Bay, which attracted investors and financial investment companies, and cooperation was made with the US Embassy to exchange and host various programs that serve emerging entrepreneurs and investors.

Algosaibi continued: " the third and largest branch of The Collective Hub in Yateem Centre, is strategically located in the heart of Manama, and its proximity to Bab Al Bahrain makes it a tourists destination, and it targets, in addition to emerging entrepreneurs and investors, Bahraini creative pioneers, as well as our training project in cooperation with Tamkeen "All Things Media").

H.E. the Minister toured the incubator, and was briefed on the available work environment, co-working spaces and other facilities .

“The Collective Hub" is a business incubator and co-working space based on community communication, providing its services in the Kingdom of Bahrain with the support of Tenmou, the first angel investment company in Bahrain. The incubator targets emerging and creative entrepreneurs in addition to investors, as it provides valuable assistance in the field of business, including financial investment and supervision, advice and guidance, incubation of SMEs, and programs that seek to develop Entrepreneurship and provide funding opportunities by encouraging direct interaction between companies, startups, and investors, in an open and collaborative environment.​

H.E. Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed the depth of historical relations between Bahrain and India, especially in the commercial field, which date back to the Dilmun civilization until present day.

This came during the Minister's participation as a keynote speaker in the gala dinner held on the sidelines of the 42^nd International Seminar on Industrial/Medical Gases in Bahrain, in the presence of Indian Ambassador Mr. Piyush Srivastava, and Mr. Saket Tiku, President of All India Industrial Gases Manufacturer's Association (AIIGMA), organized by All India Industrial Gases Manufacturer's Association (AIIGMA) in cooperation with the Indian Embassy, and with the participation of the EDB and a number of concerned authorities, at the Art Rotana Hotel.

HE the Minister pointed to the volume of Bahraini-Indian economic relations, as the volume of non-oil trade between the two countries amounted to $ 1.4 billion, and imports from India amounted to $ 904 million, while the value of exports amounted to $ 498 million. Not to mention the number of Indian companies established in Bahrain, including 10 thousand either 100% owned by Indian investors or shared with Indian partners, amounting to 10% of the number of active commercial registers in the "Sijilat" system at the Ministry of Industry and Commerce. 

Moreover, H.E. referred to the most prominent positive repercussions achieved since the launch of the Industrial Sector Strategy 2022-2026 within the economic recovery plan, which aims to increase the contribution of the industrial sector to the GDP, increase the sector's exports of national origin, and provide more qualitative opportunities for citizens.

Fakhro also mentioned that the Ministry of Industry and Commerce is keen to develop and support various types of projects, as the industrial sector in the Ministry is constantly updating and reviewing commercial laws to eliminate challenges and facilitate the process of establishing businesses in Bahrain, and the government has taken a set of steps to consolidate the Kingdom's position as a preferred destination for business, economic activity and direct investment flow by expanding the private sector's contribution to the GDP.

Adding that the government is working to develop and support the entrepreneurship and SMEs sector by implementing the transition from an oil-based economy to a sustainable economy based on competitiveness and providing global products to achieve the goals of Bahrain's Economic Vision 2030.

The seminar included a panel discussion by the EDB, and several presentations discussing topics related to Industrial/Medical Gases. In an aim to enhance cooperation and push relations between Bahrain and India towards wider horizons to achieve desired objectives.​

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce, received in his office this morning the Chairman of the Board of Directors of Tenmou and The Collective Hub Mr. Suhail Ghazi Algosaibi, in the presence of Undersecretary of the Ministry HE Ms. Eman Ahmed Al-Doseri and Tenmou CEO Mr. Nawaf Al-Kooheji. Where they discussed the opening of the third branch of "The Collective Hub".

The Minister praised the innovative projects aimed at developing the business environment in all its sectors, which go hand in hand with the ambitious government strategies to push and develop the entrepreneurship sector in the Kingdom of Bahrain. H.E. the Minister praised the innovative projects provided by Tenmou Company to develop and support entrepreneurs.

The Collective Hub, which operates with the support of Tenmou Company, is the first company in the Kingdom of Bahrain to operate with the concept of "Business Angels", and aims to support entrepreneurs, incubate small enterprises and provide a number of programs that seek to develop the entrepreneurship environment and provide funding opportunities by encouraging direct interaction between companies, startups and investors in an open cooperative environment.​

H.E. Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed the continuous development and growth of the historical relations between Bahrain and the US.

This came as H.E. the Minister participated as a keynote speaker in the business Luncheon organized by the American Chamber of Commerce in Bahrain at the Diplomat Hotel, in the presence of Amcham president Mr. Quay H. Zu'bi, and a number of officials and stakeholders, where a number of upcoming projects between the two countries were reviewed.

HE the Minister also pointed to the government's program (2023-2026) "From recovery to sustainable growth", reviewing the efforts and initiatives of the Ministry of Industry and Commerce to support new opportunities and economic investments in priority sectors and industries and ways to enhance economic and trade cooperation mechanisms to achieve the goals of comprehensive development and 2030 economic vision. ​

Fakhro also referred to the most important developments of the FTA, in addition to discussing the most prominent developments in current bilateral trade, services and investments, besides other topics of common interest.