Bahrain and Saudi Arabia took a major step towards deeper economic and industrial integration yesterday with the signing of an agreement to enhance the flow of goods between the two kingdoms.
The pact, which facilitates the procedures for proving the origin of Bahraini industrial exports to Saudi Arabia, is part of the second phase of the (Takamul-Integration) Initiative, a key programme stemming from the Bahraini-Saudi Co-ordination Council.
The signing ceremony was held in the presence of Industry and Commerce Minister Abdulla bin Adel Fakhro and Saudi Ambassador Nayef Al Sudairi.
Signing the agreement were Industry and Commerce Ministry Under-Secretary Eman Al Dossari and Saudi Ministry of Industry and Mineral Resources acting under-secretary for industrial development and general supervisor of the Industrial Empowerment Agency Al Badr bin Adel Foudah.
Speaking on the occasion, Mr Fakhro underscored the depth of the close fraternal relations linking the two nations, highlighting the mutual commitment to continually strengthening ties across all fields, especially the economic and industrial sectors.
Mr Fakhro also praised the pivotal role of the Bahraini-Saudi Co-ordination Council, co-chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, and Prince Mohammed bin Salman Al Saud, Saudi Crown Prince and Prime Minister.
He said the council is instrumental in boosting joint co-ordination and creating a favourable environment for lucrative investment opportunities that drive development and prosperity in both countries.
The newly signed agreement is seen as a strategic move reflecting the wider Gulf focus on deepening economic and industrial integration. It aims to simplify customs procedures, reduce operational costs for both exporters and importers, and significantly accelerate the movement of goods between Bahrain and Saudi Arabia.
Following the signing, the Saudi delegation, joined by Mr Fakhro, toured the ministry’s service centres, including the Saudi Investor Centre and the Metals Inspection Centre.
The Takamul programme gives preference in government tenders to companies that increase their local spending and employment of Bahraini nationals.
Companies that meet the specified criteria and percentages earn a coveted Takamul certificate that grants them a 10 per cent advantage in Bahrain government contracts.
Bahraini firms holding this certification are treated on par with Saudi companies that are meeting Saudi In-Country Value (ICV) norms in government procurement.
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