Saudi Arabia Reveals Development in Non-Oil Exports
The Saudi Export Development Authority has announced an increase in non-oil exports by stimulating exporters and facilitating the access of Saudi products to world markets through two routes.
It said it has been working on six strategic goals, including the improvement of the export environment’s efficiency and raising knowledge of export practice and export readiness.
The Authority will work on facilitating the creation of export opportunities, increase the visibility of Saudi products and link exporters with potential importers and partners. The value of Saudi non-oil exports has amounted to unprecedented levels in 2018, according to figures from the Saudi General Authority for Statistics (GaStat).
The Authority has launched a SAR120 million ($32 million) motivation program in cooperation with the Private Sector Stimulus Office within its private sector stimulus plan.
The program is part of an initiative by the National Industrial Development and Logistics Program. It provides the necessary support for enterprises to increase their capacities and capabilities to enter and expand in the international markets and raise the competitiveness of their products, achieving the Kingdom’s Vision 2030 and its objectives to increase the share of non-oil exports of the non-oil GDP from 16 to 50 percent.
It also encourages Saudi companies to enter and expand in export markets as it offers nine WTO-compliant incentives that cover the costs paid by Saudi companies over the different stages of their export activities.
The incentives are designed to help Saudi companies build their capacity, improve their competitiveness and expand their global reach.
The program will cover activities related to export capacity development, such as training to obtain the required professional qualifications and covering the costs of specialized training and promotional activities.