A new programme called ‘Takamul’ aims to reward industries for increasing their local content and generating more economic benefits within Bahrain.
Launched yesterday by Industry and Commerce Minister Abdulla bin Adel Fakhro, the programme which focuses on ‘In-Country Value’, has laid down six criteria under which all national industrial establishments can ask to be evaluated.
A measure of the economic benefits that a company or project generates within a country, In-Country Value is calculated by taking into account factors such as local expenditure on manufacturing, local products and services, investments, the hiring and training of Bahrainis, the creation of job opportunities and the amount of exports generated.
Industries that meet the specified criteria and percentages will be granted a certificate which will entitle them to a 10 per cent preference when bidding on government contracts, the minister added.
He was speaking during a Press conference at the offices of the Industry and Commerce Ministry in Harbour Gate.
“This means that they will be more likely to win the contract than companies that do not have a certificate,” Mr Fakhro explained.
The programme is one of the initiatives of the industrial sector strategy (2022-2026) that was launched as part of the economic recovery plan to achieve comprehensive economic development.
Among key goals of the programme are strategically localising supply chains, developing new local industries and services and stimulating and attracting foreign investments.
Mr Fakhro said Takamul would also enhance spending on research, development and advanced technology and stimulate innovation.
Bahrain Chamber chairman Sameer Nass, who was also present during the Press conference, praised the initiative.
“It is a positive step towards a more diversified and sustainable economy for Bahrain,” he said, adding, “This constitutes an opportunity for the local industrial sector to enhance and develop its contribution to the development of the national economy.
Delivering a presentation on Takamul, where he highlighted the programme’s objectives and criteria, Dr Khaled Al Alawi, assistant under-secretary for industrial development in the ministry, said that a preliminary study by the government found that BD76 million worth of industrial products imported into the country could be procured locally.
avinash@gdnmedia.bh
&uuid=(email))