Industry, Logistics & Shipping

Alwane Bahrain Society to organise forum for SMEs

Alwane Bahrain Society, a non-profit association, plans to hold the ‘SMEs’ Finance Management Forum' to cover the best theoretical and applicable finance management theories for the small and medium-sized enterprises (SMEs).

The Active Leaders for Women Advancement in the Near East (Alwane) is a Bahraini forum of leaders committed to the advancement of women’s leadership by using innovative technologies and engaging young, new voices. The Alwane Society has been established by Women Campaign International (WCI).

That forum comes during Bahrain’s implementation of VAT on diversified commercial activities in Bahrain, in addition to the inauguration of Finance Fund Support that targets the provision of support to the SMEs.

The event, to be held on February 2020, is designed to help SMEs representatives to gain insights on the importance of accounting solutions as they operate their businesses under the new VAT system.

The forum provides a platform to learn new ways to enhance their operational efficiency amidst the current economic development, available financial sources, changing aspects of spending, and avoid bankruptcy.

The forum will be moderated by the CEO of “Athar”, financial and account expert Ali Al Marzoog.

Ammar Awachi, chairman of Alwane Bahrain, said: “During the forum, the speaker will illustrate how adopting financial management solutions is a fundamental business strategy to achieve strong financial performance and robust business operations.”

“The participants will have an opportunity to gain new perspectives on overcoming challenges such as predicting business cash flow, market trends, customer demands, that might push them to operate without financial planning,” he added.

The forum comes within Alwane efforts to support Bahraini women in the economic sector and transform their ideas to sustainable commercial projects. Figures show that female CR owners increased to more than 47 per cent of the total number of CRs in the Bahrain SME industry.

In this Regard, Awachi pointed that Bahrain, during the past two years, has provided an integrated regulatory environment for SMEs through various number of initiatives including the Council of Development of SMEs and the implementation to allocate 20 per cent of government purchases from the SMEs.

In addition to related initiatives such as the launch of the Bahrain Export Support Centre and Entrepreneurs support programmes. He paid tribute to the integrated efforts of relevant government bodies including Ministry of Finance & National Economy, Ministry of Industry, Commerce & Tourism, Bahrain Economic Development Board, Tamkeen Labor Fund, and Bahrain Chamber of Commerce & Industry.

Awachi continued: “After all the efforts that were made to provide this integrated regulatory environment, we are now looking forward to seeing the impact of these efforts on the development and expansion of SMEs, improving their productivity and profitability prospects and contributing to the GDP.”

“We at Alwane Bahrain Society will continue to support these efforts through many actions and initiatives, among them the organisation of the Financial Management Forum for Small and Medium Enterprises,” he said.

“Through the forum, we at Alwane Bahrain Society aim to support these efforts, consequently, through many events and initiatives,” added Awachi. – TradeArabia News Service