MANAMA, 5 September 2007 — Bahrain has unveiled an ambitious industrial policy aimed at creating 30,000 jobs as well as enhancing the GDP contribution of the small and medium enterprises (SMEs) to 30 percent from the existing 12 percent per annum, a senior government official said yesterday.
Minister of Industry and Commerce Dr Hassan Fakhro, in awarding the certificates to the 20 successful entrepreneurs who completed the Enterprise Development and Investment Promotion program (based on the standards of the United Nations Industrial Development Organization), said the government of Bahrain would continue to facilitate SMEs to grow and prosper under the most congenial environment.
“Following the implementation of the new industrial policy, there are projections that the GDP from the industrial sector could reach 70 percent. This is still very low as compared with the developed nations’ ratio of 90 percent and beyond,” he said. The ministry also disclosed an integral promotion strategy that covers the industrial and commercial sectors in cooperation with the economic development board and other government bodies such as the finance ministry, the Central Bank of Bahrain and Bahrain Chamber of Commerce and Industry, to implement the strategy aimed at enhancing the base of foreign investments and GDP contribution to the national economy.
“The Ministry of Industry and Commerce has been working in close cooperation with the Economic Development Board and other departments over the years to secure the land and other resources required for the industrial sector.”
Fakhro said Bahrain Investment Wharf and Industrial Area in Hidd would provide a strong foundation to the national economy and there would be many other projects in the pipeline to stir the industrial development in Bahrain.
Bahrain is currently implementing a strategy based on enhancing the private sectors contribution in diversifying the industrial development.