Bahrain is positioned to be a gateway for enterprises to scale up their operations with the establishment of a new industrial incubator and more than 24 free trade agreements, attendees at a top forum heard yesterday.
The World Entrepreneurs Investment Forum (WEIF), taking place at Exhibition World Bahrain, is being held in partnership with the Arab League, Industry and Commerce Ministry, Arab Chambers Union and Bahrain Chamber, alongside a network of local, regional and international partners.
Its theme is ‘Achieving the SDGs through Empowering Entrepreneurship, Innovation and Mobilising Capital for Resilient Communities’, with a strong focus on sustainable development, artificial intelligence (AI) and green growth.
It has been organised by the United Nations Industrial Development Organisation’s Investment and Technology Promotion Office (Unido-ITPO) since 2015, and at yesterday’s proceedings, Unido-ITPO Bahrain head Dr Hashim Hussein delivered opening remarks, alongside Union of Arab Chambers secretary-general Dr Khaled Hanafy and a statement by UN secretary-general António Guterres, delivered by UN resident co-ordinator in Bahrain Khaled El Mekwad.
Unido director-general Gerd Müller, Bahrain’s Industry and Commerce Minister Abdulla bin Adel Fakhro and Arab League secretary-general Dr Ahmed Abu El Gheit also delivered keynote speeches.
During his address, Mr Fakhro highlighted how Bahrain would amplify its industrial capabilities with the launch of the HQ Industrial incubator in September this year.
He noted that Bahrain is one of the most diversified economies in the region, with non-oil sectors accounting for 83 per cent of GDP and small-and-medium-sized-enterprises (SMEs) representing more than 93pc of registered businesses.
“Our ambition goes far beyond numbers – we are not focused on simply creating startups but on building scale and an ecosystem where ideas become companies, companies become industries, and industries compete regionally and globally from Bahrain,” he added. “This is why we have invested deeply in the fundamentals that matter to both entrepreneurs and investors alike, fundamentals such as a clear and predictable regulatory environment, world class digital infrastructure, a highly-skilled local workforce able to compete globally, and a policy framework designed not for short term wins, but for long term value creation.
“In Bahrain, entrepreneurs and SMEs are not operating at the margins. They are embedded into industrial value chains, procurement systems, export markets and national development priorities.
“I’m happy to announce that in September of this year, Bahrain will launch a state-of-the-art industrial incubator called HQ Industrial designed to bridge the gap between innovation and industrial production.”
Mr Fakhro noted that this would function as an industrial launchpad where startups and SMEs move from research and development to prototype, production and finally sales within a single integrated ecosystem.
The minister also highlighted initiatives such as the SME Development Fund, the launch of its advanced credit score platform, a monthly start-up pitch competition and new legislation allowing entrepreneurs to pledge non traditional assets.
“Today, entrepreneurs no longer build businesses for a single market,” he added.
“The world is their customer, and Bahrain positions itself as the platform which connects entrepreneurs and investors to the Gulf, the Middle East and global markets.”
He highlighted that Bahrain provides access to a regional market of more than 2.5 billion customers, supported by more than 24 free trade agreements.
“The future of entrepreneurship will be shaped by innovation, technology and sustainability, and Bahrain is investing decisively in all three through our national innovation strategy,” he added.
He also applauded Unido-ITPO’s office in Bahrain for its enterprise development programme launched in 2000, known globally as the ‘Bahrain model’ and implemented in 56 countries, supporting millions of entrepreneurs globally by integrating financial and non financial support, skills development, incubation, access to finance and investment readiness.
“The Bahrain model has become a global benchmark,” he added.
On the sidelines of the forum, Unido also signed an agreement with the Regional Network for Social Responsibility to establish a ‘strategic framework of co-operation to advance inclusive, sustainable and socially responsible industrial development’.
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