His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has made a great gesture to help small and medium enterprises (SMEs) in Bahrain.
HRH the Premier has issued an order to allocate 10 per cent of government tenders and purchases to this embryonic sector.
No doubt, this wise initiative will give great boost and bush to SMEs and entrepreneurs away from the unequal competition they are facing from giant companies and corporations.
Allocating a percentage of government tenders and purchases exclusively to SMEs will give them a helping hand and boost their prospects, as they will be eligible and fairly competent to take their fair share of the “tenders pie”.
Whereas, in normal circumstances it would be mission impossible for them.
SMEs constitute more than 90pc of registered companies in Bahrain.
This figure indicates their importance in business fields wherein they represent many diversified activities and services needed by all at all times.
We easily find SMEs in every corner, performing many activities and essential services to the community.
Extending SMEs scope to serve government needs will keep them healthy, competitive, net-worthy thus taking greater role in national economy, moreover, supporting entrepreneurs and all families depending on SMEs.
All SMEs are in dire need of all types of financial support, particularly anything that brings liquidity in their hands.
The new policy giving them a share of government tenders will enable them to mobilise efforts and brains towards new government projects which constitute a complete new promising market for SMEs.
Some could say that such markets were closed to them, or, if not completely closed, very difficult to access.
The wise order from HRH the Prime Minster has now permanently opened the door for SMEs to reach a new market without any obstruction.
This is a great decision and will help all in Bahrain.
I would like to take the opportunity to ask SMEs and entrepreneurs to grasp this golden opportunity given to them on a platter from HRH the Premier and to take all steps to maximise the benefit.
The ball is now in their court.
The author is a legal consultant