Saudi Enterprises Set to Reap Benefits from Bahrain’s Takamul Program
Saudi enterprises are gearing up to take advantage of Bahrain’s Local Value-Added Program, Takamul, as the registration opens up to companies in the Kingdom.
As part of Bahrain’s Industry Sector Strategic Initiatives 2022-2026, this initiative aims to increase local value addition in industrial products and improve supply chain efficiency.
Minister of Industry and Commerce Abdulla bin Adel Fakhro of Bahrain emphasized the program’s significance in strengthening the longstanding strategic partnership between Bahrain and Saudi Arabia.
Following the third meeting of the Saudi-Bahraini Coordination Council, chaired by Bahrain’s Crown Prince Salman bin Hamad Al-Khalifa and Saudi Crown Prince Mohammed bin Salman, Fakhro highlighted the reciprocal benefits of the Takamul program. Bahraini products will be recognized as Saudi products in local government procurement processes within Saudi Arabia, allowing Saudi companies participating in Takamul to achieve a 75 percent In-Country Value and receive a certificate for a 10 percent preference in Bahrain’s future government tenders.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef commended the cooperation from the Bahraini ministry and emphasized the program’s aim to boost local value addition and preferences in government procurement, ultimately strengthening Saudi industries and promoting economic integration between the two nations.
Alkhorayef also highlighted that Bahrain-manufactured goods meeting national origin rules will be considered Saudi products, making them eligible for local content preference mechanisms in Saudi Arabia.
The collaborative efforts between Saudi Arabia and Bahrain are expected to enhance trade, stimulate national industries, create investment opportunities, attract foreign investments, and increase the added value of products from both countries.
This initiative showcases the enduring ties between Saudi Arabia and Bahrain, demonstrating a commitment to deepen bilateral relations for mutual development and prosperity.
Saudi enterprises interested in the program can register through the Industry Ministry’s website https://service.moic.gov.bh/takamul.