Enhance global outreach through ‘Export Bahrain’

Atop Bahrain Chamber of Commerce and Industry (BCCI) official has urged Entrepreneurs in the Kingdom to make use of the facilities offered by ‘Export Bahrain’ to enhance their global reach. “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,” Chairman of Food Wealth Committee at the Bahrain Chamber of Commerce and Industry, Khalid Al-Ameen urged SMEs.

Aligned with Bahrain’s Economic vision 2030, Export Bahrain has been launched as the first national export development initiative in the Kingdom to support SME exports internationally. Facilities offered includes Export funding as well as export insurance protection against losses arising from non-payment by foreign buyers, as well as other risks related to international transactions. The financing, held in cooperation with several partner banks, is capped at BD 1 million and subsidies of up to 70 per cent of the annual nominal profit rate up to 9.5pc and subsidizes 50pc of administration fees.

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. 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 subsidize 80pc of the premium rate. “The various solutions provided by Export Bahrain are aligned with its strategy which seeks to enhance the efficiency of the export ecosystem,” said Export Bahrain’s Chief Executive, Dr Nasser Qaedi.

Commenting, 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.” “We are counting on Export Bahrain as our ticket for the global expansion of local products,” Al-Anzarouti remarked.

“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,” Ali Al-Haddad, Managing Director of The Closets and YAS Holding said. 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.