Industry, Commerce and Tourism Minister Zayed Al Zayani said the Cabinet decision to reserve 20 per cent of government procurements and tenders for small and medium enterprises showed the government’s interest in the vital sector.
The minister also discussed the future direction of Bahrain’s economy and the importance of supporting and fostering small and medium enterprises (SMEs) to create a diversified private sector of thriving industries.
Initiatives are well underway to liberalise the market, encourage entrepreneurship and reduce the government’s role to a more regulatory one, said Mr Al Zayani.
“The government plays an instrumental role in creating the right incentives and, more importantly, encouraging and nurturing a supportive environment conducive to the emergence of a robust and sustainable start-up ecosystem.”
He said regulatory reforms such as the accelerators and incubator licence, and others are aimed at helping Bahrain capitalise on technological innovation, transformation and convergence.
A new Competition Encouragement and Protection Law has been drafted by the Industry, Commerce and Tourism Ministry.
It will see a new authority formed to regulate competition in the market allowing a fair competitive nature in providing services and goods.
He added that the ministry was updating its online commercial registration process to ease procedures on those wanting to open businesses.
Sixteen companies have been launched as a result of the Business Incubator and Accelerator launched earlier this year.
The project has a capacity of 1,000 companies and 148 active incubated start-ups.
The minister also discussed the future direction of Bahrain’s economy and the importance of supporting and fostering small and medium enterprises (SMEs) to create a diversified private sector of thriving industries.
Initiatives are well underway to liberalise the market, encourage entrepreneurship and reduce the government’s role to a more regulatory one, said Mr Al Zayani.
“The government plays an instrumental role in creating the right incentives and, more importantly, encouraging and nurturing a supportive environment conducive to the emergence of a robust and sustainable start-up ecosystem.”
He said regulatory reforms such as the accelerators and incubator licence, and others are aimed at helping Bahrain capitalise on technological innovation, transformation and convergence.
A new Competition Encouragement and Protection Law has been drafted by the Industry, Commerce and Tourism Ministry.
It will see a new authority formed to regulate competition in the market allowing a fair competitive nature in providing services and goods.
He added that the ministry was updating its online commercial registration process to ease procedures on those wanting to open businesses.
Sixteen companies have been launched as a result of the Business Incubator and Accelerator launched earlier this year.
The project has a capacity of 1,000 companies and 148 active incubated start-ups.
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