Saudi Arabia And Bahrain Forge Stronger Economic Ties To Empower National Industries

Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of the Local Content and Government Procurement Authority, expressed gratitude to Bahrain's Ministry of Industry and Commerce. He praised their cooperation in opening registration for Saudi establishments in Bahrain's In-Country Value Program, Takamul. This initiative aims to enhance local content value and preference in government procurement.

This step is expected to stimulate and empower Saudi national industries within the framework of the strong brotherly relations between Saudi Arabia and Bahrain. It also aims to boost economic integration between the two nations. Goods manufactured in Bahrain that meet national origin rules will be treated as Saudi national goods, allowing them to benefit from local content preference mechanisms.

Alkhorayef highlighted that this approach aligns with the outcomes of the third meeting of the Saudi-Bahraini Coordination Council. The council is chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain. This reflects the strong historic ties between both countries.

The minister noted that this step would enhance trade exchange, stimulate national industries in both countries, provide more investment opportunities, attract foreign investments, and increase the added value of national products. He praised Bahrain's Ministry of Industry and Commerce for their efforts to boost cooperation with Saudi Arabia across various fields.

Alkhorayef emphasized Saudi Arabia's commitment to enhancing cooperation with Bahrain in all areas to achieve development and prosperity for both nations. He stressed that this collaboration is vital for stimulating national industries and providing more investment opportunities.

The minister also mentioned that goods manufactured in Bahrain meeting the requirements of Ministerial Decision No. 3852 would be treated as Saudi national goods. This allows them to benefit from local content preference mechanisms according to relevant regulations.

This initiative is part of a broader strategy to enhance trade exchange between Saudi Arabia and Bahrain. It aims to stimulate national industries in both countries while attracting foreign investments. The focus is on increasing the added value of national products through enhanced cooperation.

Alkhorayef concluded by reiterating his appreciation for Bahrain's productive collaboration. He stressed that this step would contribute significantly to economic integration between the two brotherly countries.

With inputs from SPA