Bahrain is set to exceed its export target for small and medium enterprises this year.

Industry, Commerce and Tourism Minister Zayed Alzayani said this was because Export Bahrain opened doors for SMEs in the country to sell their products at international markets.

Export Bahrain, the country’s first dedicated platform to support home-grown SMEs to sell their products to foreign markets, offers financing, credit insurance, training, and workshops.

“Export Bahrain last year did $16 million of exports, while in the first four months of this year we did $16m, which means what we did in the first four months of this year is equivalent to that of last year,” said the minister.

Mr Alzayani was speaking at a webinar organised yesterday by StartUp Bahrain during which he said eight new markets were opened this year for local businesses, despite the Covid-19 pandemic.

“Since the inception of Export Bahrain in 2018 we have now exported to more than 30 international markets, and all of this from the SMEs,” he said.

“Some companies never exported and now their products are in Brazil and Australian markets.

“This year, 26 product lines were exported from Bahrain and we are creating diversity and opportunity in the market.”

He said the next step would be to have franchises from Bahrain, as part of plans to encourage traders to think beyond borders.

“I would be very happy if I walk in a mall in America and see Halwa Showaiter or something like that, it will be a moment of pride as a Bahraini,” he added.

Opportunity

He also discussed how the coronavirus outbreak could be used as an opportunity to reshape the economy to a digital one, adding that the ministry has drawn up an e-commerce law to protect the interests of all parties

He said the draft bill will be presented to the National Assembly soon.

“We are proud of our economy set-up because what’s unique about it is that 80 per cent of the GDP comes from the private sector – we need to keep this active,” he explained.

“This is the age of new technology and there are many success stories, even during this time, where digital apps are changing people’s lives.”

However, he warned that businesses will take a serious hit as they face the economic shock of the Covid-19 pandemic.

“Times are tough and I am not showing a rosy picture,” he added.

“We are heading into a storm but have all the tools and we are prepared, and work together, to hopefully emerge on the other side of the storm with the least damage possible.

“But going through it, we have to take some hits, no doubt about it.”

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