More than 850 companies have applied to join the Made in Saudi programme that was introduced to encourage locally-made products in the kingdom, according to a senior executive.
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’s secretary general Faisal Al-Bedah was quoted as saying by the state-run Saudi Press Agency.
Saudi Arabia, the world’s top oil exporter, unveiled the programme on March 28 to boost sales of local products domestically and internationally.
The programme is a central plank of the kingdom’s Vision 2030 road map that aims 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, the SPA said last month.
Companies that produce 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 increasingly ramping up production to generate more economic value locally following the coronavirus pandemic. Many countries are prioritising self-sufficiency after measures to stem the pandemic disrupted trade and supply chains.
Earlier this year, Abu Dhabi unveiled a new initiative to promote locally-made products in an effort to achieve self-sufficiency in the production of basic goods and to support local businesses.
Published: April 7, 2021 10:35 PM
