New laws urged to protect SMEs owned by Bahrainis

A call has gone out to create special rules and regulations to protect Small and Medium Enterprises (SMEs) owned by Bahrainis. The head of Bahrain Chamber of Commerce and Industry, Samir Nass, said in the absence of rules and regulations SMEs owned by Bahrainis would head towards a crisis.

“Nearly 85 per cent of the SMEs in the Kingdom are owned by foreigners and now they are highly benefitting from the flexible visa system. There has to be a level playing field benefitting all entrepreneurs. “We are seeking new laws to protect Bahraini entrepreneurs who own SMEs,” he said.

“The Chamber is currently working on a comprehensive study on the effects of Flexible Visa and Free Visa on the local market and that the Chamber has formed a joint committee with the LMRA in cooperation with the Ministry of Labor. “The committee will be responsible for examining all aspects of this matter and its impact on the market and submitting its results to the Board of Directors for submission to the responsible authorities.”

He added: “Informal employment in addition to flexible and free visa holders pose a danger to the national economy.” He explained that the Chamber, in its last meeting with the President of Tamkeen Dr Ibrahim Janahi, called to address the inequality between Bahraini and foreign entrepreneurs. “SMEs play a pivotal role in Bahrain’s economic activity. Statistics show that more than 93 per cent of the industries in the Kingdom come under this sector.”