Saudi Arabia is set to launch a major new trade initiative aimed at pushing homegrown products to both domestic and international markets.
Bandar bin Ibrahim Al-Khorayef (pictured below), Saudi Minister of Industry and Mineral Resources and chairman of the Saudi Export Development Authority (Saudi Exports), will launch the Made in Saudi programme on March 28.
According to Saudi Press Agency, it aims at supporting national products and services at local and international levels.
The programme emanates from Crown Prince Prince Mohammed bin Salman bin Abdulaziz’s keenness to support high quality and competitive local products regionally and globally and raise awareness.
Saudi Exports said that the program will be launched through a virtual event, during which a Made in Saudi logo will be revealed.
“The logo will provide a unified identity for Saudi products and services, representing an official identity to promote Saudi products and services locally and internationally,” said a statement carried by SPA.
The Made in Saudi program is a main driver to realise the economic goals of the Saudi Vision 2030 that aims at diversifying income resources of the national economy.
It aims to encourage the purchase of more local products and services until the contribution of the private sector in the GDP reaches 65 percent while increasing the share of non-oil exports to 50 percent of GDP by 2030.
Earlier this month, it was reported that business conditions in Saudi Arabia improved at a slower pace in February as coronavirus cases crept up and employment figures dipped.
Weaker demand, faltering sentiment and job cuts weighed on non-oil private sector activity in the Gulf kingdom.
The rate of growth eased to a four-month low as output and new orders expanded at a slower pace, said IHS Markit.
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