The Ministry of Industry and Commerce announced the signing of a Memorandum of Understanding (MoU) with the Bahrain Institute of Banking and Finance (BIBF), with the aim of enhancing joint cooperation in the field of e-commerce.

The MoU was officially signed at the Ministry of Industry and Commerce by H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, and Dr. Ahmed Al Shaikh, CEO of the Bahrain Institute of Banking and Finance (BIBF), in the presence of a number of senior officials from both parties.

The Minister stressed that the MoU signing emerges from the keenness of the Ministry of Industry and Commerce to enhance constructive cooperation to support the implementation of a number of strategic initiatives related to e-commerce, through the development plans and the proper application of initiatives that will enhance this promising sector.

The Ministry of Industry and Commerce announced the launch of the National Initiative to encourage participation of the commercial sector in the approaching Bahrain holiday season.

Shaikh Hamad bin Salman Al Khalifa, Assistant Undersecretary for Domestic and Foreign Trade at the Ministry of Industry and Commerce, said that the initiative includes exempting fees for promotional campaigns and extending periods of commercial discounts starting from the first of December until the end of the year, coinciding with Bahrain’s holiday season and the celebrations Bahrain’s national holidays. Calling on shop owners to benefit from this incentive by coordinating with the Consumer Protection Directorate at the Ministry of Industry and Commerce and applying via e-mail promotion_enquiries@moic.gov.bh .

The Assistant Undersecretary indicated that this national initiative aims to encourage commercial participation in the national celebrations and boost market movement during the holiday season, noting the initiative’s remarkable turnout last year, with the participation of more than 1122 commercial stores.

The Auditors' Disciplinary Board, which held its sessions at the Ministry of Industry and Commerce, decided to fine two audit offices with five thousand BDs each.

The decision came after proof of violations of Decree-Law No. (15) of 2021 regarding external auditors and the principles of the profession and responsibilities entrusted to them, in addition to committing violations that harm the dignity of the profession, and not conforming to international standards on auditing and financial statements.

The Ministry of Industry and Commerce affirms its commitment to taking legal and administrative measures against any audit firm in violation of the provisions and laws in force, as it will spare no time or effort to protect citizens, customers and everyone involved in dealing with audited financial reports.

H.E. Ms. Eman Ahmed Al Doseri, Undersecretary of the Ministry of Industry and Commerce, headed the delegation of the Kingdom of Bahrain in the opening of the 40^th Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which was held in Istanbul, Turkiye between the 4^th and 5^th of November, in the presence of H.E. Recep Tayyip Erdogan, Turkish President and Chairman of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC)

During her participation in the dialogue session held within the session, Al Doseri highlighted the Kingdom of Bahrain's pioneering experience in digital transformation and e-payments, stressing the importance of cooperation among member countries to achieve sustainable development and economic prosperity in the Islamic world.

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce headed the delegation of the Kingdom of Bahrain participating in the periodic consultative meeting between the Ministers of Commerce and Industry of the Gulf Cooperation Council (GCC) and the Heads of the GCC Chambers Federations, which was held within the framework of the meetings of the GCC ministerial committees held in Doha, Qatar.

The meeting discussed topics on the agenda, and reviewed the views of the Ministers in this regard.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Chairman of the National Committee for Standardization and Metrology and member of the Gulf Ministerial Committee for Standardization Affairs, headed the delegation of the Kingdom of Bahrain participating in the eighth meeting of the GCC Ministerial Committee for Standardization Affairs, which was held this morning in Qatar, with the participation of Secretary General of the Gulf Cooperation Council (GCC), Jassim Mohammed Al Budaiwi, and the heads of delegations members in the GCC Ministerial Committee for Standardization Affairs.

His Excellency stressed the importance of strengthening partnership with standardization bodies in the GCC countries to enhance the sustainability of their cooperation and integration.

HE Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce headed the delegation of the Kingdom of Bahrain in the seventy-sixth meeting of the Trade Cooperation Committee, hosted by Qatar, with the participation of the GCC Ministers of Commerce, and Secretary General of the Gulf Cooperation Council (GCC), H.E. Jassim Mohammed Al Budaiwi.

The minister affirmed the Kingdom of Bahrain’s support for integration, cooperation and coordination with GCC countries in various fields.

The meeting discussed topics on the agenda, including the unified mandatory legislative framework for electronic and digital trade in the GCC, developments in GCC commercial laws, the participation of the GCC countries in Gulf and international events, and reviewed the work of the committees of the Trade Cooperation.

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce affirmed the Kingdom of Bahrain’s keenness to continue efforts of cooperation, coordination and exchange of experiences and knowledge to enhances and support GCC economic work, especially in the industrial sector based on advanced technology, innovation and technologies of the Fourth Industrial Revolution, noting the GCC countries’ commitment to strengthening this cooperation, and placing it among the priorities of joint action for the upcoming period.

This came during the 53rd meeting of the GCC Industrial Cooperation Committee, held in Doha in the presence of H.E. Secretary General of the Gulf Cooperation Council (GCC), Jassim Mohammed Al Budaiwi, and the GCC Ministers of Industry.

The meeting discussed a number of issues of common interest, which would contribute to the advancement of the GCC industrial sector.