Manama:The 6th Consultative Meeting of GCC Ministers of Industry and Commerce and Gulf entrepreneurs was chaired by Abdulla bin Adel Fakhro, the Minister of Industry and Commerce. The meeting focused on enhancing dialogue between GCC governments and the entrepreneurship and SME sector, with an emphasis on their significant role in the future of Gulf economies.
According to Bahrain News Agency, the Minister underscored that entrepreneurs are essential partners, emphasizing the importance of SMEs in driving innovation, creating jobs, and diversifying income. He advocated for advancing beyond traditional support to comprehensive empowerment, which includes facilitating business establishment, improving access to finance, and strengthening the legislative and regulatory environment.
The Minister also highlighted the necessity of not only increasing the number of SMEs but also enabling their growth and competitiveness. This involves facilitating their access to value chains, procurement, investment, and major projects, and supporting their expansion across GCC markets. He pointed out emerging opportunities in advanced manufacturing and artificial intelligence, which can help SMEs and innovators enter new sectors and transform ideas into value-added ventures.
Furthermore, the Minister mentioned the Ministry of Industry and Commerce's partnership with Hope Ventures in launching the HQ Industrial project in Salman Industrial City. Covering approximately 57,000 square meters, this project aims to provide an integrated ecosystem for supporting emerging industries, developing prototypes, and assisting innovators and entrepreneurs in transforming ideas into promising industrial ventures.
In conclusion, the Minister stressed that the success and growth of Gulf ventures and SMEs, as well as the transformation of innovative ideas into products and businesses, are crucial for strengthening the overall GCC economy.