On boosting local added value and building a global brand through enhanced export capacities
How do you evaluate Bahrain’s progress in growing non-oil exports in the context of economic diversification?
SAFA SHARIF KHALEQ: Bahrain has worked proactively towards the diversification of its revenue in recent years. The country went from pearling to oil, then from industry to banking, telecoms and other area of the economy. Several non-oil sectors have experienced stable growth as a result, including the industry, tourism, banking and finance, and commercial sectors. Economic diversification is an integral part of Bahrain Economic Vision 2030, which aims to lessen the reliance on oil wealth to build a productive, globally competitive economy shaped by the government and driven by a pioneering private sector. Such an economy helps to support the growth of a middle class with enhanced living standards through increased productivity and high-wage employment. As part of these initiatives, the kingdom has formulated strategies to develop and improve its exports, which in turn contributes to achieving economic diversification and attracting investment. Exports are a linchpin of our economy and Export Bahrain is committed to providing assistance to help Bahrain-based businesses succeed and prepare for global opportunities, resulting in more local entrepreneurial talent and added value for the economy.
Where do you identify priorities to improve export activity, particularly among local small and medium-sized enterprises (SMEs)?
KHALEQ: Bahrain has implemented several measures to support SMEs. One of the key steps in this process was the establishment of the SMEs Development Board in 2017. This initiative aims to strengthen the capacities of start-ups and SMEs to improve their competitiveness in domestic, regional and global markets. Facilitating SME exports, and access to markets and finance is key to realising this objective. Since its inception in 2018 Export Bahrain has played an integral role by helping Bahrain-based SMEs to explore and access new opportunities in global marketplaces.
The Industrial Sector Strategy 2022-26, launched as part of the economic recovery plan in response to the Covid-19 pandemic, focuses on developing an advanced, innovative and sustainable industrial sector. One of the pillars of this strategy is to strengthen national industries and develop initiatives to assist industrial SMEs. For example, a platform has been established to encourage large factories to purchase products and services from their smaller local counterparts. Other priorities include the provision of industrial incubation and acceleration opportunities for SMEs, improvements to regional import and export supply chain management through solutions provided by Export Bahrain, the further development of the Made in Bahrain trademark and the launch of the Industrial Excellence Award to foster competition between factories.
Bahrain is a cradle of innovative industries and businesses with significant export potential. Export Bahrain will continue to develop to encourage both product and service exports. During the first four years of operations, we have helped our customers reach over 69 markets across the globe. Export Bahrain is committed to being a key enabler for business internationalisation by building effective partnerships locally and internationally. Looking ahead, we aim to further enhance our efforts to promote national exports and bolster the competitive capabilities of Bahraini businesses in global markets.
What steps are being taken to boost the Made in Bahrain brand throughout regional and international markets?
KHALEQ: The Made in Bahrain initiative aims to develop domestic exports, ensuring that local products and services are promoted and recognised in international markets by positioning Bahraini exports globally and highlighting the country’s role as an industrial player. In this sense, Export Bahrain is actively expanding its partner network by taking part in regional and international economic fora and events. This has led to the signing of multiple agreements between Bahrain-based establishments and new clients in regional and international markets.
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