Minister of Industry and Mineral Resources Bandar Al-Khorayef emphasized that one of the main objectives of the «Made in Saudi Arabia» program is to support local products and create a unified image for Saudi products both domestically and internationally, revealing that the program will contribute to the creation of 1.3 million jobs for Saudi men and women.
Al-Khuraif emphasized that one of the ministry’s most important goals is to localize the consumer goods industry, Al-Khuraif said at the Government Communication Conference last Wednesday that, in accordance with its announced plans, the Kingdom aims to increase the share of non-oil exports from 16% to 50% of total exports under Vision 2030.
He emphasized that the industrial sector aims to attract domestic and foreign investment to the Kingdom, building on a 45-year legacy of Saudi industrial development and the successes and achievements attained through the construction of 10,000 factories with investments totaling 1.1 trillion riyals.
He revealed that, thanks to state support for factories, Saudi products have reached 178 countries worldwide. The Minister of Industry and Mineral Resources emphasized that the program aims to promote a «culture of loyalty to national products,» as it was designed based on a study of the experiences of several countries that have achieved significant successes in developing their industrial capabilities, by encouraging their citizens and instilling a spirit of loyalty to domestic products, giving them priority—which contributed to the localization of industries and the achievement of self-sufficiency at various levels. He spoke about the Kingdom’s geographical advantage, which facilitates seizing industrial opportunities within the local market and leveraging connections with global markets through Saudi Arabia’s largest and busiest ports in the region.
Al-Khuraif confirmed that the Ministry will establish a committee to review the incentives provided to projects and investments that are eligible for additional benefits.
