Minister of Finance: Takamul Programme Enhances Prospects of Strategic Partnership between Bahrain and Saudi Arabia

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, affirmed that the ongoing development and growth in the cooperative relations between the Kingdom of Bahrain and the brotherly Kingdom of Saudi Arabia reflect the visions of His Majesty King Hamad bin Isa Al Khalifa, and his brother the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the King of Saudi Arabia, to achieve further promising accomplishments in cooperation and integration.

He pointed out that the Takamul programme, which treats products manufactured in both brotherly countries equally, is one of the outcomes of the Saudi-Bahraini Coordination Council, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, and his brother His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia. This programme will enhance the national economy, reflecting the sustainability of the strategic partnership and the deep-rooted fraternal bonds between the two countries.

His Excellency the Minister of Finance and National Economy praised this initiative, which includes the principle of treating Bahraini products as Saudi products concerning local content and government procurement. It also allows Saudi enterprises to list their products in the Bahrain’s Takamul programme, which is aimed at increasing preference for local and regional products in government procurement. He noted that it would support economic growth through its pillars and goals aimed at enhancing the value of local industrial products and increasing the efficiency of the supply chain. This initiative stems from shared principles supporting the continued strengthening of bilateral strategic cooperation across various sectors, achieving growth and prosperity for the benefit of both brotherly countries and peoples.

H.E the Minister continued by stating that this programme enhances the economic partnership between Bahrain and Saudi Arabia, expanding it through the support of national industries in both countries and encouraging them to contribute to diversifying the national economic base by attracting more investments in priority sectors. This will contribute to GDP growth and the achievement of sustainable development goals. He emphasised the programme’s role in encouraging private sector institutions to increase productivity, creativity, and competitiveness to export their products to international markets, achieving comprehensive economic development for the region.

The Minister of Finance and National Economy added that this step deepens the shared aspirations within the economic visions of the two kingdoms, both of which are based on the principles of competitiveness, sustainability, and fairness. This focus on the industrial sector is seen as the future driver of the economy and a cornerstone of development and creativity, especially through the continuous development of attractive investment environments, contributing to increasing both local and foreign investment and enhancing non-oil exports.