Bahrain has seen an impressive 85 per cent year-on-year increase in the number of small and medium enterprises (SME) in just the first quarter of this year, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa underlined yesterday.

He attributed the growth to a series of initiatives that helped in fostering a thriving entrepreneurial ecosystem.

Speaking during the opening of the 2024 World Business Angels Investment Forum World Congress (WBAF 2024) at the Four Seasons Hotel Bahrain bay, the minister said, “The kingdom aims to position itself as a global hub for investment and innovation. Bahrain’s thriving SME ecosystem is the backbone of our economy, and we are committed to unlocking its full potential.”

To further this goal, the government has established the SME Development Board, which has implemented more than 40 measures to enhance the ecosystem and support SME growth, he said.

The government is actively working to bridge the gap between potential and progress by providing the necessary support and resources. Initiatives such as the Al Waha Fund of Funds, the Hope Fund and the SME Development Fund are helping to enhance access to capital for SMEs, Shaikh Salman explained.

The minister highlighted Bahrain’s strategic location, strong infrastructure and supportive regulatory environment as key factors attracting investment and fostering innovation.

He also emphasised the importance of the GCC region as a beacon for entrepreneurial growth and investment.

“The right investment always transforms potential into progress, and contributes to enhancing economic growth, justice and prosperity in societies,” Shaikh Salman said.

“Great ideas are born all over the world, and in order to achieve the desired success and prosperity, they must be supported at the right time.”

The minister stressed the need for global partnerships to establish financing frameworks for small and medium enterprises, and called for the adoption of thoughtful policies and strategies to drive economic growth and development.

“Investment, when directed with intention, has the power to create profound and lasting impact,” said the minister. By investing in innovative ideas and early-stage ventures, Bahrain aims to cultivate a fertile ground for entrepreneurial growth.

“Technology must be a force for inclusion and growth,” he said. By harnessing the power of technology, entrepreneurs can unlock new opportunities and drive innovation.

Bahrain is committed to equipping entrepreneurs with the necessary tools and skills to thrive in the digital age.

Bahrain is also actively participating in global initiatives to promote entrepreneurship and financial inclusion. As an affiliate partner of the G20 Global Partnership for Financial Inclusion, the kingdom is working to expand financial access and opportunities for underserved communities and small businesses worldwide.

The two-day event, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, aims to foster entrepreneurship and investment in the region.

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