20/01/2011

A renewed focus on entrepreneurship is at the heart of Bahrains efforts to diversify its economy and achieve the goals outlined in its long-term development plan, Economic Vision 2030.

In a sign of its commitment to promoting entrepreneurship, the country hosted the 10th International Entrepreneurship Forum on January 10-11, the first time the annual event was held in the Gulf. The forum was organised by Tamkeen , an independent authority tasked with investing in Bahraini employability and job creation, in partnership with the Centre for Entrepreneurship Research, the UKs University of Essex and the OECD.

Focused on building a knowledge-based economy and encouraging young people to get involved in the national development process by starting their own business, the conference was attended by academics, researchers, policy-makers, chief executives and consultants from both Bahrain and abroad.

The conference addressed a number of issues that are key for any developing economy but that are especially important for Bahrain considering its long-term drive for diversification. This effort has paid significant dividends over the years as the country has built up substantial domestic industries in areas including finance, tourism and aluminium production, among others. Bahrains relatively limited hydrocarbons reserves compared to its neighbours and the effects of the global slowdown on the financial sector - both locally and around the world - supporting the transition of workers into innovative entrepreneurship is necessary to further the countrys long-term development, facilitate diversification into new areas and increase employment opportunities for Bahrainis.

According to Tamkeens chairman and chief executive of the Bahrain Economic Development Board, Sheikh Mohammed bin Essa Al Khalifa, almost 99% of Bahrains private sector is made up of small and medium-sized enterprises (SMEs). This means that ensuring continued growth of independent businesses is vital to expanding the overall economy.

"SMEs are also the largest contributors to socio-economic development through the creation of job opportunities, creation of supply and demand, playing part of the value chain of large organisations and the recycling of resources within the economy," Sheikh Mohammed told the conferences opening session. "Entrepreneurship is a critical factor in the development agenda and an integral requirement that is highly effective and crucial to the continued evolution and diversification of the private sector."

The conference is the latest way Tamkeen is reaching out to would-be Bahraini entrepreneurs. Its flagship offerings, under the Enterprise Development Support Scheme, provide a range of technical and business assistance to SMEs. Since the second phase started in 2009, approximately 400 enterprises have enrolled in the scheme.

For two weeks in early January, the authority opened an interactive stand at Bahrain City Centre, a mall in downtown Manama, to meet with prospective applicants and answer questions about its programmes.

Mohammed Bucheery, Tamkeen s private sector support senior manager, said that the stand was a result of public feedback that called for a more direct way of engaging with the organisation."Tamkeen always endeavours to respond to feedback from our participants, and the stand will provide a one-stop shop for Bahraini entrepreneurs who want assistance in growing their business and enhancing their profitability," he told local media.

Oxford Business Group