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Manama: Bahrain is set to implement a set of legislations that will encourage more businesses to be set up with emphasis on small and medium scale enterprises (SMEs).
Industry, Commerce and Tourism Minister Zayed Al Zayani revealed this during his speech in the Bahrain British Business Networking Lunch at the Diplomat Radisson Blu Hotel, Residence and Spa.
The minister, who was the guest of honour, in his speech said how they were working to introduce four new legislations – industrial land law, commercial registration law, commercial companies law and bankruptcy law.
Mr Al Zayani said plans were being discussed for the new exhibition and convention centre at the Bahrain International Circuit to allow more conferences and events to take place.
He said the ministry was drawing up new branding strategies focusing on tourism to promote the “Made in Bahrain,” brand globally.
The event was organised by the Bahrain British Business Forum.
During the presentation, the minister highlighted important achievements of the ministry this year.
This included approving a new private pearl-testing laboratory law, new classification for hotels, enforcing industrial and land regulations along with other key measures.
British Ambassador Simon Martin was present along with a number of businessmen during the event.
The minister also reviewed historic trade relations between Bahrain and the UK.
He said last year, the total trade between the two countries was $419 million, of which UK exports were $340m and Bahrain exports $79m.
Mr Al Zayani said there are 325 Bahraini companies operating with UK investors and 92 UK companies have branches in Bahrain.
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