The Bahraini Ministry of Industry and Commerce was thanked by Bandar Alkhorayef, Minister of Industry and Mineral Resources, for their assistance in allowing Saudi companies to register their goods for Bahrain's In-Country Value Program.
The project seeks to strengthen and encourage Saudi national companies by increasing the value of local content and preference in government procurement. The action will improve trade relations, support domestic industry, increase investment opportunities, draw in foreign capital, and raise the added value of domestic goods.
"Riyadh, August 5, 2024." The Ministry of Industry and Commerce in the Kingdom of Bahrain has worked well with Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of the Local Content and Government Procurement Authority, to open registration for Saudi establishments that want to register their products in Bahrain's In-Country Value Program, Takamul. In order to make the registration procedure for Saudi enterprises more efficient, we took this measure. The purpose of this program is to increase the importance of local content and preference when it comes to government procurement.Within the context of the illustrious brotherly relations that exist between the Kingdoms of Saudi Arabia and Bahrain, this move supports the growth of economic integration between the two countries as well as the stimulation and empowerment of Saudi national businesses.He underlined that commodities that meet Ministerial Decision No. 3852's national origin requirements will be considered Saudi national goods by the Kingdom of Bahrain. This will enable them to benefit from procedures that prioritize local content in compliance with applicable laws and specifications.The Saudi-Bahraini Coordination Council's third meeting was presided over by His Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the crown prince and prime minister of Saudi Arabia, and His Highness Prince Salman bin Hamad Al Khalifa, the crown prince and prime minister of the Kingdom of Bahrain. This is consistent with the deep and enduring ties between the two nations and their respective populations.Additionally, as stated by Alkhorayef, this action will support increased trade exchange, national industry stimulation in both nations, investment prospects expansion, international investment attraction, and increased added value of domestic products. He conveyed his gratitude to Bahrain's Ministry of Industry and Commerce for its endeavors to enhance collaboration with Saudi Arabia across multiple domains. Additionally, he reiterated the Kingdom's dedication to enhancing collaboration with Bahrain across all domains to attain advancement and well-being for both nations and their respective citizenries."August 5, 2024, in Riyadh." The Ministry of Industry and Commerce in the Kingdom of Bahrain was commended for its effective cooperation in opening registration for Saudi establishments looking to register their products in Bahrain's In-Country Value Program, Takamul, by Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of the Local Content and Government Procurement Authority. The goal of this program is to make local material more valuable and preferred in public procurement.
Within the context of the Kingdoms of Saudi Arabia and Bahrain's notable fraternal relations, this policy aids in empowering and stimulating Saudi national industries and advancing economic integration between the two nations.
He highlighted that products made in the Kingdom of Bahrain that satisfy Ministerial Decision No. 3852's national origin guidelines will be recognized as Saudi national goods, qualifying them for local content preference mechanisms in compliance with relevant laws and mandates.
The minister said that this strategy is in line with the conclusions of the third meeting of the Saudi-Bahraini Coordination Council, which was presided over by the crown prince and prime minister of Saudi Arabia, HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, and the crown prince and prime minister of the Kingdom of Bahrain, HRH Prince Salman bin Hamad Al Khalifa. This is in line with the long-standing and solid ties that exist between the people of the two nations.
According to Alkhorayef, this move will enhance mutual commerce, support domestic industry in both countries, promote investment opportunities, draw in foreign capital, and raise the added value of domestic goods. In order to achieve progress and prosperity for both countries and their people, he thanked Bahrain's Ministry of Industry and Commerce for its efforts to fortify cooperation with Saudi Arabia in a number of areas and reiterated the Kingdom's commitment to expanding cooperation with Bahrain in all areas.