Riyadh – Sharikat Mubasher: The Ministry of Industry and Commerce in Bahrain has announced the opening of registration for Saudi establishments wishing to participate in the Local Value Programme in Industry (Takamul).
The program, which is a key initiative of Bahrain's Industrial Sector Strategy (2022-2026), aims to enhance the “In-Country Value” (ICV) of industrial products and improve supply chain efficiency, according to Bahrain News Agency.
Abdulla bin Adel Fakhro, the Bahraini Minister of Industry and Commerce, emphasized the importance of this initiative in strengthening the long and deep-rooted strategic partnerships between Bahrain and Saudi Arabia, highlighting the strong support from both governments and their leaderships to the different joint programs and initiatives.
He noted that this positive development emanates from the outcomes of the third meeting of the Saudi-Bahraini Coordination Council, chaired by Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and Prince Mohamed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister of Saudi Arabia.
The minister explained that the initiative reflects the commitment to reciprocity for products manufactured in both countries, where Bahraini products are treated as Saudi products in local government procurement in Saudi Arabia. By participating in the Bahraini (Takamul) program, Saudi establishments can work towards achieving a 75% ICV, which qualifies them for a certificate granting a 10% preference in future government tenders in the Kingdom of Bahrain.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef expressed his appreciation for the Bahraini ministry’s cooperation. He emphasized that this program is designed to enhance local value addition and preferences in government procurement, thereby stimulating and empowering Saudi industries while fostering economic integration between the two nations.
Alkhorayef also pointed out that goods manufactured in Bahrain that meet national origin rules will be considered Saudi products, allowing them to benefit from local content preference mechanisms in Saudi Arabia.
He praised the collaborative efforts between the two countries, noting that this cooperation will boost trade, stimulate national industries, provide investment opportunities, attract foreign investments, and increase the added value of products from both nations.