‘Takamul’ launched to boost local Bahrain production

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Minister of Industry and Commerce Abdulla bin Adel Fakhro yesterday announced the launch of ‘Takamul’ (Local Value Program), which aims to enhance local production and value addition.

Addressing a press conference held at the ministry’s headquarters at Bahrain Financial Harbour in Manama in connection with the launch, the minister said the Cabinet has approved the launch of the programme.

Sameer Nass, chairman of Bahrain Chamber of Industry and Commerce (BCCI), and key officials of the ministry were present.

The minister explained that ‘Takamul’ is one of the initiatives of the industrial sector strategy (2022-2026) and was launched as part of the economic recovery plan that aims to achieve comprehensive economic development, enhancement of local production, and increasing the efficiency of the value-added chain.

The efforts include directing the expenditures of the industrial sector to the local market and enhancing the competitiveness of national industrial establishments, so as to contribute to the development of promising sectors.

It also enhances integration between national industries to achieve a developed and sustainable industry, the minister said.

The Industrial Strategy (2022- 2026) launched by the Bahraini government by the end of 2021 focuses on five key areas.

They key areas include strengthening of national industries, investing in infrastructure, improving investors’ experience, guiding Bahrainis’ careers, and enhancing laws and legislations.

These are further supported by efforts such as raising the industrial sector’s contribution to the GDP, increasing exports of national origin, and providing promising job opportunities for citizens, stated the minister.

In conclusion, the minister noted that the program will contribute to encouraging national companies and enhancing their contribution to the national economy.

The contributions of the companies will be measured and those who meet the criteria will be granted a preference in government procurement and will be allowed to quote 10 per cent lower than the competition in tenders, the minister revealed.

During the press conference, the minister affirmed the ministry’s commitment to achieving the objectives of the industrial sector strategy (2022-2026), which comes within the economic recovery plan, with the aim to increase the contribution of the industrial sector to the GDP, and to increase exports of national origin, while providing promising job opportunities for citizens.

Sameer Nass, who is the chairman of the BCCI board of directors, praised the initiative to launch ‘Takamul’ and said it constitutes an opportunity for the local industrial sector to enhance and develop its contribution to the development of the national economy.

Noting that the value-added certificate poses an incentive for the industrial sector in the Kingdom of Bahrain to increase its contribution to the GDP, Mr. Nass added that this strategic initiative contributes to creating job opportunities for citizens, in addition to enhancing the opportunities of Bahraini Businesses.