Manama:Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, chaired the 6th Consultative Meeting of GCC Ministers of Industry and Commerce and Gulf entrepreneurs. The meeting centered on enhancing dialogue and cooperation between GCC governments and the entrepreneurship and SME sector.
According to Ministry of Industry and Commerce - Bahrain, the Minister underscored the importance of entrepreneurs as key partners in shaping the future of Gulf economies. He highlighted the significant role of SMEs in fostering innovation, creating employment opportunities, and diversifying income sources.
The Minister called for a shift from traditional support programs to comprehensive empowerment. This includes facilitating business establishment and access to finance, strengthening legislative and regulatory frameworks, fostering innovation and skills development, and expanding market access for promising enterprises.
Additionally, he emphasized that efforts should not only aim at increasing the number of SMEs but also at enabling their growth and competitiveness. This involves facilitating access to value chains, procurement, investment, and major projects, as well as supporting their expansion across GCC markets.
Emerging opportunities for SMEs and innovators were also highlighted, particularly in advanced manufacturing, artificial intelligence, and other emerging technologies. These sectors can allow SMEs to enter new industrial areas and transform innovative ideas into value-added ventures.
The Minister noted the launch of the HQ Industrial project in Salman Industrial City, a collaboration between the Ministry and Hope Ventures. Spanning approximately 57,000 square meters, the project offers an integrated ecosystem to support emerging industries and help innovators and entrepreneurs develop prototypes and transform ideas into promising industrial ventures.
He concluded by emphasizing that the growth of successful Gulf ventures and SMEs, along with the transformation of innovative ideas into products and businesses, contributes to strengthening the GCC economy.