Saudi Arabia on Sunday launched its “Made in Saudi” initiative, which aims to support national products and services at the local and global levels, the Saudi Press Agency (SPA) reported.
The launch of the initiative was announced by Bandar bin Ibrahim al-Khorayef, Saudi Arabia’s Minister of Industry and Mineral Resources and Chairman of the Saudi Exports Development Authority, under the patronage of Crown Prince Mohammed bin Salman, at a virtual event, according to SPA.
The initiative aims to promote a “culture of loyalty to the national product,” al-Khorayef said at the virtual event.
He added that “Made in Saudi” is important because it contributes to changing the stereotype that the Kingdom is a country that heavily relies on oil exports to a country with a large national market that includes many different products.
“Creating an industrial identity that we are proud was an ambitious national project, in which a number of government and private agencies joined forces to make this identity one of the main pillars for the Kingdom to become a pioneering industrial power, under the directives of King Salman and Crown Prince Mohammed bin Salman,” al-Khorayef said.
The minister also said that confidence in the national product has become an urgent necessity, given the great economic implications it represents in stimulating local investments, attracting foreign investments, creating job opportunities, enhancing export capacity, improving the balance of payments, expanding the state’s economic base, and increasing the GDP.
SPA reported that “Made in Saudi” will play a major role in achieving the Kingdom’s Vision 2030 by supporting Saudi products and directing purchasing power towards local products and services, leading to the private sector’s contribution to the GDP to 65 percent and raising the proportion of non-oil exports in the total non-oil GDP to about 50 percent by 2030.