Manama: Bahrain is considering new legislation on bankruptcy that would encourage responsible risk taking without a fear of failure, Industry, Commerce and Tourism Minister Zayed Al Zayani said yesterday.
Addressing a business networking luncheon hosted by the American Chamber of Commerce (AmCham) Bahrain at the Ritz-Carlton Bahrain, Hotel and Spa, the minister said he hoped to develop Bahrain’s business culture similar to that of the US that has been an engine for entrepreneurial growth.
Another key proposal being discussed was that of virtual commercial registrations (CRs), he said.
“Many new businesses are web-based or very small and not needing a traditional office.
“Virtual CRs are expected to help bring these businesses forward,” Mr Al Zayani said.
The ministry remains focused on supporting small and medium enterprises (SMEs) and entrepreneurs and developing the next generation of business leaders who will shape Bahrain’s future, he added.
According to him, the US-Bahrain Free Trade Agreement (FTA), now in its ninth year, has been a success.
Last year, US-Bahrain bilateral trade was over $2 billion, 22 per cent higher than the previous year. US exports to Bahrain were $1.06bn, up from $350.8m in 2005, a year before the FTA went into effect.
Exports from Bahrain to the US were up to $965m from $431.6m in 2005.
The minister said in his view the FTA could be utilised more and that an Export Assistance Centre would be created to help companies in Bahrain increase their export markets to the US as well as to the region and beyond.
Citing the garments and textile industry as an example of the FTA’s success, Mr Al Zayani said it had grown from small low quality production before the FTA to state-of-the-art factories manufacturing top quality garments and textiles for leading brands in the US.
It represents 24pc, the second largest category, of exports from Bahrain to the US, employing 8000 people in good, clean, well-paying jobs and a 1,000 of these jobs are with Bahrainis, mostly women.
The minister also spoke about his trips to Washington and his ongoing efforts to extend the TPL provision in the FTA allowing the industry to be able to continue to export duty-free.
US Ambassador William Roebuck attended along with leading businessmen and businesswomen representing some of the over 200 US businesses in Bahrain as well as the many Bahraini companies with US business interests.
avinash@gdn.com.bh
&uuid=(email))