Saudi Arabia has launched a major new trade initiative aimed at pushing homegrown products into more markets both at home and abroad.
Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources and chairman of the Saudi Export Development Authority (Saudi Exports) unveiled the Made in Saudi program under the patronage of Crown Princee Mohammed bin Salman bin Abdulaziz.
The minister, during a virtual event, stressed that the Made in Saudi initiative aims at increasing “the culture of loyalty to the national product”, Saudi Press Agency reported.
Al-Khorayef said the Saudi Crown Prince has big aspirations toward the program, which aims to change the stereotype about the kingdom as being a country that relies greatly on its oil exports.
It wants to be recognised globally as a “huge national market that includes a variety of products and multiple trademarks that will contribute to enriching the local industry and increasing the share of exports”.
Al-Khorayef (pictured below) said that becoming an industrial power has always been an ambition through collaboration between the public and private sectors.
He added that confidence in the national product has become an urgent need to stimulate investment, attract foreign investments, create jobs, enhance exportation capabilities and improve the balance of payments.
The Made in Saudi program will offer a big package of advantages and opportunities to member companies with the aim of expanding their scope of work and promoting their products locally and internationally, where they can use the initiative’s logo as a sign of quality.
The minister also called on all qualified companies to join the national program and benefit from the advantages it offers.
The initiative will support Saudi Vision 2030 through supporting the private sector to contribute 65 percent of the country’s GDP and increasing the share of non-oil exports to 50 percent by 2030.
The programme emanates from Crown Prince Prince Mohammed bin Salman bin Abdulaziz’s keenness to support high quality and competitive local products regionally and globally and raise awareness.
Earlier this month, it was reported that business conditions in Saudi Arabia improved at a slower pace in February as coronavirus cases crept up and employment figures dipped.
Weaker demand, faltering sentiment and job cuts weighed on non-oil private sector activity in the Gulf kingdom.
The rate of growth eased to a four-month low as output and new orders expanded at a slower pace, said IHS Markit.
Follow us on
