MANAMA: Mahmood Rafique, Editor: The Kingdom of Bahrain on Sunday has launched ‘in country value’ (ICV) programme aiming at retaining BD76 million being spent on imports by 10 manufacturers every year.
The initiative called Takamul will help to retain the BD76 million capital in the economy which will impact positively principally on creating more jobs and boost the sales of local manufacturers producing the same products under HS Code.
The launch-cum-press conference held at the Headquarters of the Ministry of Commerce and Industry attended by Abdulla Bin Adel Fakhro the Minister of Industry and Commerce, in presence of Sameer Abdulla Nass, the Chairman BCCI, and Dr Khalid Al Alawi, Assistant Undersecretary for Industrial Development.
Explaining the rationale behind the initiative, the Minister highlighted the salient features of Takamul and said that it would incentivize the manufacturing sector those who buy from the local market.
Takamul model has been developed in line with the benching marking or metrics of neighbouring countries to keep the compatibility of the initiative.
“Manufacturers in Bahrain have incentive of 10 per cent advantage in local Government tenders provided that if they are using 75 per cent of local value-added content,” HE the Minister told the Press conference.
“There are a lot of similarities among the top ten buyers while those products produced locally, and the incentive or choice has been given to manufacturers to buy local products hence the BD76 million remains in the local economy. However, this initiative is not binding but rather an incentive-based approach helping to create more jobs, boosting production.”
“This initiative is one of many that falls under the Industrial Sector Strategy (2022-2026) that was announced as part of the Economic Recovery Plan which was built upon main 4 pillars such as Adopting the 4th Industrial Revolution Technologies, Encouraging a Carbon Circular Economy, Promoting Investments in Digital Infrastructure as well as Achieving Industrial Integration to Increase the Efficiency of the Supply Chains”
