RIYADH: Saudi enterprises are poised to benefit from Bahrain’s Local Value-Added Program, Takamul, as the latter opens registration to Kingdom’s companies.
This initiative is part of Bahrain’s Industry Sector Strategic Initiatives 2022-2026, which aims to boost local value addition in industrial products and enhance supply chain efficiency.
Bahrain’s Minister of Industry and Commerce Abdulla bin Adel Fakhro underscored the program’s role in reinforcing the deep-rooted strategic partnership between Bahrain and Saudi Arabia.
He highlighted that this development follows the third meeting of the Saudi-Bahraini Coordination Council, which was chaired by Bahrain’s Crown Prince Salman bin Hamad Al-Khalifa and Saudi Crown Prince Mohammed bin Salman.
Fakhro noted the Takamul program exemplifies reciprocal benefits, where Bahraini products are recognized as Saudi products in local government procurement processes within Saudi Arabia. Saudi companies participating in Takamul can achieve a 75 percent In-Country Value, earning a certificate that provides a 10 percent preference in Bahrain’s future government tenders.
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.
This initiative reflects the strong, enduring ties between Saudi Arabia and Bahrain and represents a commitment to deepening bilateral relations for mutual development and prosperity.
Bahrain’s Industry Ministry said that Saudi enterprises interested in the program can register through its website https://service.moic.gov.bh/takamul.
Source: Arab News
