Launching Strategic Initiatives to Boost Investment and Develop the Industrial and Commercial Sectors in Bahrain
During his participation in the Gateway Gulf Forum 2024, H.E. Mr. Abdullah bin Adel Fakhro, Minister of Industry and Commerce, announced a series of strategic initiatives aimed at enhancing Bahrain’s investment environment to empower the industrial and commercial sectors toward sustainable growth.
Appreciation for Partners
The Minister expressed deep appreciation to public and private sector partners for their continuous support, which reflects a shared commitment to transforming national visions into reality by developing an attractive investment environment that supports high-value projects with tangible economic impact.
Launch of the SME Development Fund
During the forum, Minister Fakhro announced the launch of a fund worth over BHD 100 million to support the growth of small and medium-sized enterprises (SMEs). This fund, created in partnership between the public and private sectors, will be managed by the Bahrain Development Bank with support from the “Tamkeen” Fund, in collaboration with leading local and regional banks, including the National Bank of Bahrain, Al Salam Bank, Bank of Bahrain and Kuwait, and Khaleeji Commercial Bank. The fund aims to foster innovation and support entrepreneurship, aligning with the Small and Medium Enterprises Development Council’s agenda.
Establishment of a National Industrial Development Fund
The Minister also announced plans to establish a National Industrial Development Fund as part of the Industrial Sector Strategy (2022-2026), aiming to support advanced manufacturing and promote sustainable production. The fund also encourages investment in technological infrastructure and manufacturing digitization, which contributes to improving the sector’s export performance and opening wider opportunities for local innovators.
Development of the U.S. Trade Zone
Minister Fakhro highlighted the strategic significance of the U.S. Trade Zone in attracting major American companies to invest in Bahrain, benefiting from the U.S.-Bahrain Free Trade Agreement. The first phase of infrastructure for the zone has been completed, and the Ministry of Industry and Commerce has begun receiving applications for industrial plot allocations, opening avenues to enhance trade cooperation between the two nations.
Advancements in the Aluminum Sector
Minister Fakhro mentioned the allocation of BHD 18 million for infrastructure development in the aluminum sector’s manufacturing zone. This move strengthens Bahrain’s position as an investment hub for heavy industries, especially with the presence of the largest aluminum smelter outside China. The project is expected to be completed by the end of 2026.
Credit Rating System for Businesses
The Minister announced the launch of a credit rating system in partnership with “BENEFIT” to provide transparent financial assessments of businesses, assisting SMEs in securing the necessary funding to expand their investments.
Update of the Commercial Registration System
As part of updating the commercial systems, the Ministry is working on developing the “Sijilat 4.0” commercial registration system in cooperation with the Information and eGovernment Authority. The new version will integrate advanced technologies, including AI, to improve regulatory efficiency and enhance the investor experience. It will also streamline registration procedures and connect the system with other governmental entities, with an anticipated launch by the end of 2025.
These initiatives come as part of Bahrain’s efforts to establish itself as a leading investment destination in the region, achieving a transformative leap in the industrial and commercial sectors in alignment with the kingdom’s economic vision.
