Cairo – Saudi Export Development Authority (Saudi Exports) announced the launch of its institutional transformation strategy. The authority’s new strategy is to boost the participation of non-oil exports from 16% to at least 50% of the gross domestic product (GDP) by 2030, in line with Saudi Arabia’s Vision 2030, which seeks to diversify the country’s sources of income.
Faisal Al-Bedah, secretary-general of Saudi Exports, stated the authority’s institutional transformation has a qualitative roadmap, with paths and plans aligned with the kingdom’s development visions for the economy.
Al-Bedah stressed 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.
The secretary-general added all of this has been tangibly achieved thanks to a series of ongoing efforts by Saudi Exports, notably cooperation with relevant authorities to solve bottlenecks in the export environment in the country. According to him, over 160 issues were solved in 2021, and over 28 workshops and training programs for exporters were held.
He explained the Saudi Export Stimulus Program was launched; it encourages and assists companies in building and enhancing their competitive capabilities and expanding their global presence. In addition, there is also the Made in Saudi Arabia program, which has contributed to creating a unified identity for Saudi exports and increasing their reliability.
Al-Bedah explained the Saudi Export Stimulus 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 Made in Saudi Arabia program, created under the National Industrial Development and Logistics Program (NIDLP), has attracted over 1,200 local companies since its launch and introduced its products to many global markets.
Saudi non-oil exports recorded remarkable growth as they increased by 34% during the first nine months of 2021, and critical sectors included petrochemicals, building materials, and motor vehicles and spare parts.
Translated by Elúsio Brasileiro
