Bahrainthismonth.com 14 September 2023 Interview BusinessFriendly Bahrain Backed by a digitally-driven transformation agenda and a future-ready vision, Bahrain has cemented itself as an attractive destination for foreign investment owing to its business-friendly approach and value-adding investment opportunities, emerging as a leading contender on an international playing field. Bahrain This Month recently sat down with the Kingdom’s Minister of Industry and Commerce, HE Abdulla bin Adel Fakhro, to delve deeper into how Bahrain managed to carve out a thriving ecosystem for investors, entrepreneurs, and innovators. Congratulations on being appointed as Minister, a position you’ve held since November. How do you plan to promote Bahrain as a destination for foreign direct investment? When it comes to attracting investment, it is not so much promoting Bahrain as it is nurturing mutual beneficial relationships with investors. As Minister, I work closely with the Bahrain Economic Development Board, seeking out high-impact projects and companies across key markets and geographies that fall under focused sectors of Bahrain’s national economy, and in turn, we advocate what we bring to the table to investors. Beyond its strategic location serving as the gateway to the Gulf, with tax-free exporting and free trade agreements covering 22 countries – complete with a brand-new US Trade Zone – Bahrain offers businesses major advantages, including the most competitive operating costs and living expenses in the region to name a few. This has earned Bahrain its standing as the investment destination of choice for multinational companies, particularly in the manufacturing and logistics industry, which are seeking a reliable base to set up their operations or expand into the Middle East and North Africa region which is currently witnessing exponential growth. Of course, our human capital remains our biggest asset. With incredibly high literacy rates, Bahrainis are the most tech savvy, highly educated, and highly skilled workforce in region, aside from being fast learners by nature with a strong work ethic. Taking all the above into consideration, for foreign companies looking to invest in Bahrain, we can compete head-to-head with the best in the world. What are the government’s plans to support the growth of small and medium-sized enterprises (SMEs)? The small and medium enterprise (SME) sector holds significant importance, particularly in Bahrain, where more than 93 percent of private sector businesses fall under this category. Understanding the unique needs of micro-businesses and small-to-medium enterprises, we have implemented tailored initiatives to provide effective support and foster their growth in the market. In my role as the Chairman of the SMEs Development Board, I am dedicated to setting SMEs on a path towards long-term success. Our mission at the SMEs Development Board
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