Bahrain Chamber of Commerce and Industry drafts blueprint for post-COVID business growth
A call for rescheduling of loans taken by small and medium enterprises (SMEs) to overcome the ongoing Covid-19 pandemic is among 65 recommendations resulting from discussions led by Bahrain’s main business body last week. Held virtually, the second edition of the Bahrain Chamber of Commerce and Industry’s (BCCI) annual conference of sectoral committees has drafted a plan of recovery and post-pandemic growth which includes providing focused support to the most affected sectors, stimulating mergers and acquisitions, and establishing funds and new stock trading platforms to enable easier and cheaper access to capital for business.
Other proposals that emerged after two days of talks are:
- Establishing a national food security authority,
- An electronic platform for real estate projects,
- Expanding export of national products,
- Stimulating pharmaceutical industries and developing new academic and vocational curricula for more jobs for Bahrainis,
- Establishing specialized institutes for hospitality and hotel, a strategy for tourism,
- Establishing an investment portfolio for alternative energy and credit rating and fostering innovation,
- Avoiding double taxation and the revival of e-commerce,
- Enacting legislation to protect national product competition and
- Standardizing customs procedures, and guiding local exporters.
The final list of recommendations was compiled after a session that saw the heads of all 10 sectoral committees of the chamber coming together: Fareed Bader representing industry and energy; Dr. Yousif Salahuddin representing commercial markets; Raed Omar representing real estate and construction; Khalid Al Amin representing food wealth; Dr. Waheeb Al Khaja representing education; Sawsan Abulhasan representing finance, insurance, and tax; Dr. Ebtisam Aldalal representing health; Khalid Turk representing transportation and logistics; Dr. Osama Albaharna representing technology and Jehad Amin representing hospitality and tourism.
Source Credit: Zawya
