HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, chaired the 15TH 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.
