Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Saudi Arabia Launches Institutional Transformation Plan to Boost Non-oil Exports

Saudi Arabia Launches Institutional Transformation Plan to Boost Non-oil Exports

Thursday, 20 January, 2022 - 10:45
Ceremony to inaugurate Institutional Transformation Strategy (Asharq Al-Awsat)

Saudi Export Development Authority (Saudi Exports) launched Institutional Transformation Strategy to boost non-oil exports, in line with the objectives of Vision 2030, which seeks to diversify the local economy.


Saudi Exports announced that over 220 exporting companies benefited from the 'Saudi Export Stimulus' Program, while the 'Made in Saudi Arabia' Program attracted over 1,200 local companies and introduced their products to global markets.


The Saudi government focuses on boosting non-oil exports by providing programs and initiatives aligned with Vision 2030, including Made in Saudi Arabia program, created under the National Industrial Development and Logistics Program (NIDLP).


The Program aims to support national products through an effective economy and unify production services. It combines the identity of Saudi products and services to promote them locally and internationally.


Saudi Exports announced the new strategy at a ceremony sponsored by the Minister of Industry and Mineral Resources, Bandar al-Khorayef.


The authority's new strategy aims to boost the participation of non-oil exports from 16 percent to at least 50 percent of the gross domestic product (GDP) by 2030, in line with Vision 2030.


Saudi Exports Sec-Gen Faisal al-Bedah stated that institutional transformation is a qualitative roadmap, with plans aligned with the Kingdom's development visions for the economy.


Bedah explained that the strategy aims to achieve a true partnership with the private sector, especially with exporters, improve the trade environment, develop exporters' capacities, enhance their competitiveness in global markets and increase readiness to face global challenges.


He added that this had been achieved thanks to a series of ongoing efforts by Saudi Exports, notably cooperation with relevant authorities to solve issues in the export environment in the country, with over 160 complaints addressed in 2021.


Bedah also announced that the Saudi Export Stimulus Program was launched to encourage and assist companies in building and enhancing their competitive capabilities and expanding their global presence.


The Program provides nine incentives that over 220 exporting companies benefited from during the past year, aligned with the Kingdom's commitments to the World Trade Organization (WTO).


The Institutional Transformation Strategy came when Saudi non-oil exports recorded remarkable growth as they increased by 34 percent during the first nine months of 2021, until the third quarter, compared to the same period in 2020.


Editor Picks

Multimedia