Bahraini firms urged to focus on innovation

11/02/2016 07:58 AST

Bahraini firms need to innovate to retain their competitive advantage, according to Industry, Commerce and Tourism Ministry Under-Secretary for industrial affairs Osama Al Arrayed.

“Innovation is about exploiting creativity in business, which can be in the product, manufacturing process or even in the marketplace,” he told participants of the inaugural Innovation for Industry Forum, held as part of Gulf Industry Fair 2016 at the Bahrain International Exhibition and Convention Centre yesterday.

“In a globalised world, mobility of capital, communication and transport technologies have diminished competitive advantage,” he said. “Thus, businesses have more difficulty finding ways of differentiation; the alternative is to be more innovative through use of technology in products, services and processes.

“Businesses must therefore build competitive advantage around technologies and develop and implement technology strategies in the same way as financial, marketing or operational strategies.”

Mr Al Arrayed said even as the ministry continued to enable development of the kingdom as an incubator for industrial excellence and innovation, businesses needed to realise that industrial innovation ecosystem had changed fundamentally over the last 10 years.

“Innovation networks and ecosystems, public/private partnerships, crowd sourcing, social media, and demand-based innovations are all elements of the new ecosystem for innovation in industry.

“These elements have contributed to an improvement in the innovation capabilities of companies,” he added. According to him, international research had shown the crucial contribution of high innovation performance to economic growth and job creation. “Today’s markets are by definition global, and therefore Bahraini (and GCC) companies must remain competitive to create their niche in the

global market.” He said Bahrain has a strong cultural heritage in entrepreneurship which delivers innovation. “Bahraini (and GCC) companies have the capabilities to compete in emerging arenas, but aversion to risk-taking and slow decision-making limit their return on investment. “This mindset needs to change if our companies have to grow and flourish in global markets.”

The official said the government would also play its role in fostering innovation through effective legislation and foreign relations and regulation. The forum discussed the best practices of innovative companies in different industrial sectors through two case studies. The first was a presentation by Bahraini firm Taha International, which has indigenously developed a technology turning scrap aluminium (dross) into fertiliser that is used in farms in New Zealand.

The second was a preview of a unique Internet Protocol identification and threat intelligence engine. The made-in-Bahrain global cyber security system called IPIFI is set for service launch later this year.

The forum was held under the patronage of Industry, Commerce and Tourism Minister Zayed Al Zayani.

Gulf Daily News