As a leading State Commercial Bank, People’s Bank has identified the importance of the development of SME export sector in line with the government objectives. Accordingly, in the year 2023, the Bank implemented the novel concept of the establishing export sector specific SME Hubs (Export Hubs) which are provide both financial and non-financial assistance to the SME sector to harness opportunities in tge global market place. Under this initiative, SME customers are offered pre-shipment facilities, post-shipment facilities, Advisory services, special online Banking Services etc. The Bank has already established five export Hubs around the country
Driving the bank's mission to promote exports further, a senior team from People's Bank recently met with Export Bahrain; a strategic initiative of Bahrain’s national SME Development Board. Export Bahrain is a body designed to support and nurture the development of the export potential of businesses based in Bahrain through the creation and delivery of unique solutions designed to help businesses from Bahrain access trade opportunities in global markets.
“Export Bahrain” Chief Executive Officer Safa Sharif A. Khaliq, together with Zainab Matrook from Marketing and Promotions section of “Export Bahrain” met People’s Bank Chairman Mr. Sujeewa Rajapaksa and Mr. Clive Fonseka Chief Executive Officer/General manager of People’s Bank on 8 January 2024. This official meeting was initiated by the Ambassador of Sri Lanka in Bahrain H.M.G.R.R.K. Wijeratne Mendis.
Senior officials from the Enterprise banking Department of People’s Bank, and a group of SME customers from the export sectors of Ceylon including Tea, Cinnamon, Apparel, floriculture, processed food, spices and Coconut based products were also present at the meeting. The participants had a fruitful discussion to explore avenues and to promote trade and economic cooperation between Bahrain and Sri Lanka.
Safa Sharif emphasised Export Bahrain’s export-focused solutions open doors for international opportunities via targeted support in key areas such as export financing, export credit insurance, access to global data and actionable market intelligence, export facilitations, specialized educational tools, strategic assessment tools and how “Export Bahrain” supports micro and small scale companies through these initiatives to get an international exposure to cover all the critical steps for successful exporting transactions.
Further she explained the challenges faced by SMEs and how Export Bahrain create solutions that are in line with their current needs and are up to date with the ever-changing export market trends and regulations to the SMEs.
As one of the Main issue of many entrepreneurs is finding suitable international markets for their products; People’s Bank plans to tie up with “Export Bahrain” to get their valuable assistance to harness global market opportunities not only in Bahrain market but also to the entire Middle East Region for the exporters who already maintain their relationship with the bank and also new customers.