More than 850 companies have applied to join the Made in Saudi programme that was introduced to encourage locally made products, a senior executive said.
The initiative will help the country in strengthening “the national industrial identity and developing the private sector’s contribution to the economy”, Saudi Export Development Authority secretary general Faisal Al Bedah told the state news agency Spa.
Saudi Arabia unveiled the programme, to boost sales of local products domestically and internationally, on March 28.
It is a central plank of the kingdom’s Vision 2030 road map to diversify its economy and cut its reliance on oil revenues.
Initiatives such as Made in Saudi could help to boost the contribution of non-oil exports to 50 per cent by 2030, Spa reported last month.
Companies producing goods that meet the quality guidelines will be able to sell their products with an official logo that says “Saudi Made”, Industry and Mineral Resources Minister Bandar Alkhorayef said at the online launch in March.
Gulf countries are increasing production to generate more economic value locally after the coronavirus pandemic.
Many countries are giving priority to self-sufficiency after measures to stem the pandemic disrupted trade and supply chains.
This year, Abu Dhabi unveiled a new initiative to promote locally made products to try to achieve self-sufficiency in the production of basic goods and support local businesses.
Updated: April 8, 2021 02:44 AM