Companies who want to be part of the program can apply online to check eligibility, reports Asian Lite News.
More than 850 companies have applied to join the ‘“Made in Saudi” program. Faisal Al-Bedah, the secretary-general of the Saudi Export Development Authority, said the program’s objectives of increasing domestic consumption and market share of domestic goods and services. The program will also look to increase Saudi non-oil exports in priority export markets, and enhance attractiveness of the Saudi industrial sector for domestic and foreign investment.
He said the “Made in Saudi” program promoted national identity, boosted the contribution of the private sector to the economy, launched the capabilities of promising non-oil sectors by developing their exports, and enabled the creation of teams through small and medium-sized enterprises and micro-enterprises.
Companies who want to be part of the program can apply online, with an initial verification done through a dedicated website to check companies’ eligibility.
Products should be grown, extracted or produced in Saudi Arabia and fall under one of the listed industries: Construction, textiles, pharmaceuticals and medical, processed foods, or fresh produce.
Also Read
“Made in Saudi” will play a role in achieving the Kingdom’s Vision 2030 reform plan by supporting Saudi products and directing purchasing power toward local products and services, leading to the private sector’s contribution to the gross domestic product (GDP) to 65 percent and raising the proportion of non-oil exports in the total non-oil GDP to about 50 percent by 2030.
Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, who is also the authority’s chairman, launched the initiative under the patronage of Crown Prince Mohammed bin Salman.
“The program aims to help local businesses grow by encouraging local consumers to buy more locally made products and helping businesses to increase their exports to priority markets,” said Al-Khorayef. “Under one unified brand, the ‘Made in Saudi’ program will bring significant opportunities for businesses to expand their reach and promote their products domestically and globally.”
Move to create 1.3 million mining, industrial jobs
Earlier, Minister of Industry and Mineral Resources Bandar Alkhorayef said the initiative will create 1.3 million jobs in the mining and industrials sectors for the citizens.
“We currently have 10,000 factories in the Kingdom, with investments of 1.1 trillion ($293 billion), and the Kingdom’s products reach more than 178 countries around the world,” Alkhorayef said.
A strategic plan to develop the consumer products industry through localization is in place, he said.
Earlier, Crown Prince Mohammed bin Salman launched Shareek, an SR12 trillion program to boost the role of the private sector in diversifying the economy.
Under the program, private sector businesses will be helped to invest SR5 trillion between now and 2030, along with SR3 trillion from the country’s sovereign wealth fund, the Public Investment Fund (PIF), and SR4 trillion as part of a new national investment strategy.
Also Read-‘Saudi Female Business Leaders To Break The Jinx’
Read More-Saudi’s anti-discrimination policy soon
[soliloquy id="151345"]