Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, has expressed sincere gratitude and appreciation to Bahrain’s Ministry of Industry and Commerce for allowing Saudis to register their products in Bahrain’s In-Country Value Program, Takamul.
Strategic Move
Bahrain has opened registration for Saudi establishments which are interested in registering their products in Bahrain’s Takamul, a program aimed at boosting local added value and preference in government procurement. Consequently, it will empower the Saudi national industries to flourish within the framework of the successful Saudi-Bahraini relations.
Alkhorayef emphasized that those goods manufactured in Bahrain and meet the requirements of the national origin rules issued by Ministerial Decision No. 3852, will be treated as Saudi national goods. Therefore, they shall benefit from local content preference mechanisms according to relevant regulations and requirements.
The minister added that this strategic move is a notable outcome of the third meeting of the Saudi-Bahraini Coordination Council, chaired by Saudi Crown Prince Mohammed bin Salman, and Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain. Furthermore, it stands as a testament to the deep and strong relations between both Kingdoms.
Great Significance
Alkhorayef has clarified in detail the significance of this step, as follows:
- Fostering trade exchange
- Stimulating national industry in both Kingdoms
- Providing more investment opportunities
- Attracting foreign investments
- Strengthening the added value of national products
The minister also commended the efforts of Bahrain’s Ministry of Industry and Commerce to enhance cooperation with Saudi Arabia in various fields. He also stressed the Kingdom’s keenness to further boost the cooperative relations with Bahrain in order to achieve development and prosperity for the two Kingdoms and their peoples.
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