Finance Minister: Takamul boosts Bahraini-Saudi strategic partnership

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, commended the strong and developed Bahraini-Saudi relations in various fields, supported by His Majesty King Hamad bin Isa Al Khalifa, and King Salman bin Abdulaziz Al Saud, the Custodian of the Two Holy Mosques, The minister said that the Local Value Programme in Industry (Takamul), which aims to enhance the reciprocal 'In-Country Value' (ICV) of industrial products, was one of the outcomes of the third meeting of the Saudi-Bahraini Coordination Council, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister of Saudi Arabia. He commended the initiative in which Bahraini products are treated as Saudi products in local government procurement in Saudi Arabia. Saudi establishments can include their products in the Bahraini Takamul programme, to enhance preference for local prod ucts in government procurement. This initiative supports economic growth by enhancing the ICV of local industrial products and increasing supply chain efficiency. Shaikh Salman bin Khalifa highlighted that the programme aims to strengthen the economic partnership between Bahrain and Saudi Arabia, supporting national industries and encouraging economic diversification. He said this will attract investments in priority sectors, promoting GDP growth and achieving sustainable development goals. The programme also encourages private sector institutions to increase productivity, innovation, and competitiveness, enabling them to export their products to international markets and achieve comprehensive economic development for the region. Source: Bahrain News Agency