Export Bahrain opens new opportunities for local firms
Mar 6, 2019 9:29 AM
Export Bahrain a national development initiative has opened up opportunities for Bahraini private sector enterprises looking to export their products and expand into international markets a top official...
Export Bahrain, a national development initiative, has opened up opportunities for Bahraini private sector enterprises looking to export their products and expand into international markets, a top official said.
Aligned with Bahrain’s Economic vision 2030, Export Bahrain has been launched as the first national export development initiative in Bahrain that aims to support SME exports internationally. It strives to deliver high quality, relevant and impactful export solutions to improve SME accessibility to foreign markets, develop Bahrain’s export landscape and diversify opportunities.
Export Bahrain offers SMEs with support services that help grow their scope of business by exporting their products and services and unlocking export opportunities in those markets. It also works towards diversifying export destinations and promoting local products and services globally.
Export Bahrain’s chief executive Dr Nasser Qaedi said: “The various solutions provided by us are aligned with its strategy which seeks to enhance the efficiency of the export ecosystem.”
“It goes about achieving this by facilitating operations and procedures between concerned parties and exporters, advancing opportunities to promote products in global markets and raising the capacities of exporting SMEs,” he said.
Dr Qaedi added that Export Bahrain provides SMEs with required protection against non-payment by foreign buyers. He went on to stress the importance of local exporting goods, products and services as an engine of the national economy, not to mention its vital role in creating job opportunities within the export sector.
Bahraini exporters benefit from a first-of-its-kind export insurance solution in Bahrain. The service, offered by Export Bahrain in partnership with the Arab Investment Guarantee and Export Credit Corporation “Dhaman”, offers protection against losses arising from non-payment by foreign buyers, as well as other risks related to international transactions.
The Export Credit Insurance solution offers conditional assurance that payment will be made if the foreign buyer defaults, as Dhaman will reimburse 90 per cent of the amount due and Export Bahrain will subsidise 80 per cent of the premium rate.
Furthermore, Export Bahrain, in cooperation with several partner banks, provides competitive export financing services to fund the costs of export-related operations.
The financing is capped at BD1 million ($2.65 million) and subsidises up to 70 per cent of the annual nominal profit rate up to 9.5 per cent and subsidises 50 per cent of administration fees.
Chairman of Food Wealth Committee at the Bahrain Chamber of Commerce and Industry, Khalid Al-Ameen, urged SMEs to take advantage of Export Bahrain’s services, as they enhance the competitiveness of local companies globally while retaining existing customers, protect the financial position of the company against payment defaults and manage credit risks through the verification of the credit worthiness of new and existing customers.
Ahmed Al-Anzarouti, general manager of Jannaty Bahrain Food Industries, one of Export Bahrain's current customers, said: “The insurance service provided on Bahraini goods bolsters the position of Bahraini enterprises internationally as it allows them to offer better sales terms such as longer credit terms and flexible payment options.”
Al-Anzarouti pointed out that Export Bahrain’s suite of services will have a significant positive impact on Bahraini products abroad over the coming period, and similarly urged Bahraini enterprises utilise these much-needed and long-awaited services.
“We are counting on as our ticket for the global expansion of local products,” added Al-Anzarouti.
Ali Al-Haddad, managing director of The Closets and YAS Holding, said: “No words can describe how amazing Export Bahrain’s services are, not to mention all useful information and workshops with the concerned entities to detail all support opportunities in order to achieve the objectives of developing private sector exports.”
“I invite SMEs to take advantage of this opportunity and learn from exports success stories. For example, I am currently in the process of doubling my company’s export volume thanks to the support offered by the export credit insurance solution,” he added.
In addition to its export solutions and services, Export Bahrain also provides technical assistance for general export development purposes, working with the International Trade Centre to provide advisory services, as well as its cooperation with Dhaman for export insurance and Bahrain Islamic Bank and the Bahrain Development Bank on the financing solutions side.
Export Bahrain aims to foster an ecosystem that is conducive to local export activities and achieve Bahrain Vision 2030, which focuses on encouraging exports and raising Bahrain’s products and services in foreign markets. – TradeArabia News Service