SANABIS: Mahmood Rafique, Editor: The Kingdom of Bahrain has introduced a new framework broadening the scope of support available to micro and small businesses in line with international standards, reflecting Bahrain’s ongoing commitment to strengthening this vital sector’s contribution to the national economy.
The Bahrain Chamber of Commerce and Industry (BCCI) in statement on Wednesday welcomed the Cabinet’s approval, during its regular weekly meeting chaired by His Majesty King Hamad bin Isa Al Khalifa, the King of the Kingdom of Bahrain, wherein a draft resolution adopted introducing an updated classification framework for micro, small, and medium enterprises (MSMEs). The new framework broadens the scope of support available to businesses and aligns with international standards, reflecting Bahrain’s ongoing commitment to strengthening this vital sector’s contribution to the national economy.
The Chamber emphasized that the revised classification criteria will enhance the effectiveness of policies and support programs by enabling the development of more targeted initiatives that address the evolving needs of enterprises at different stages of growth. This will help businesses expand, improve resilience, and enhance their competitiveness.
The Chamber noted that MSMEs represent approximately 93.4% of Bahrain’s active commercial registrations, totaling nearly 85,700 businesses, and provide employment opportunities for more than 47,000 Bahrainis. These figures underscore the sector’s significant role in driving economic growth, innovation, and entrepreneurship, and highlight the importance of maintaining a supportive regulatory and legislative environment.
The Chamber noted that aligning the MSME classification framework with international standards will expand access to financing and support programs, strengthen integration into value chains, and enhance productivity. It also highlighted the establishment of its SME Support Department to address business needs and improve private sector competitiveness. The Chamber commended the continued support of His Majesty the King and His Royal Highness the Crown Prince and Prime Minister, which has reinforced the sector’s role in driving economic development and sustainable growth in Bahrain.
