Bahrain, a Middle Eastern country, has known key spaces for intervention to further expand its economy. The country’s government has presented a national strategy for virtual trade.
Zayed Alazayani, Minister of Industry, Trade and Tourism, said the Kingdom will introduce new laws and regulatory procedures. Alazayani noted that the government is focusing on organizing the e-commerce chain while supporting projects that will increase public awareness of newer virtual technologies. platforms.
Bahrain, a small island country identified by the World Bank as a high-income economy, has focused on adopting new technologies to streamline trade operations in the sector and government.
As reported in August 2020, Open Banking is being followed through the fintech sector in Bahrain. As reported in June 2020, the country’s fintech startup ecosystem is among the fastest developing sectors in the Middle East, according to a report.
Alazayani, whose comments came to an online discussion organized through the ministry in partnership with STC Bahrain (September 6, 2020), said the government’s vision is to create a built-in environment for virtual commerce, so that the country can become the preferred hub for launch. virtual or online businesses in the MENA region.
Alzayani explained that e-commerce platforms should be backed by undeniable and effective policies and appropriate regulatory rules, and believes that transparent rules will make customers rely on virtual commerce solutions, which can help SMEs operating in the region.
Last year, an online page called mall. bh was introduced in Bahrain, which now has more than two hundred virtual outlets selling its products and one hundred percent online. , like the rest of the world, is suffering to deal with COVID-19, which has led to the closure of many physical advertising sites.
The minister noted:
“This is the most productive opportunity for the immediate progression of the sector to maintain speed with adjustments in admission patterns. Technology has created opportunities for many classic strategies, such as online collaboration and progression tools. The ministry looks towards customer evolution in a customer with greater confidence in national e-commerce and online transactions.
Nezar Banabeela, ceo of stc Bahrain, said virtual transformation leads to more strategic alliances between the country’s public and personal sectors. These projects can potentially create new employment opportunities, Banabeela said.
He mentioned:
“Digitization links the public and personal sectors and introduces cutting-edge strategies that herald national progression and sustainable expansion for the business sector and society. This will allow us to continue the continuity of the projects and strengthen their flexibility to expand their success at all levels. .