Riyadh - Sharikat Mubasher: The Saudi Ministry of Industry and Mineral Resources launched the Standard Incentives Program for the Industrial Sector to promote manufacturing products not currently produced in the Kingdom and support the enablers in the National Industry Strategy (NIS).

The launching ceremony was attended by several Saudi ministers, including Minister of Industry and Mineral Resources Bandar Alkhorayef, Minister of Energy Abdulaziz Salman Al Saud, Minister of Investment Khalid Al Falih, Minister of Economy and Planning Faisal Alibrahim, and several other ministers, senior officials, and leaders from major local and global companies.

In his opening speech, Alkhorayef revealed that the program was developed through a holistic government effort in collaboration with relevant entities, overseen by the Localization and Balance of Payments Committee.

The program targets attracting quality investments and accelerating their pace, in addition to ensuring the sustainability of investments and enhancing industrial competitiveness both locally and internationally, Alkhorayef added.

For his part, Al Falih emphasized that the program represents a significant move towards achieving the goals of Vision 2030 and the NIS by attracting and nurturing industrial investments and enhancing the competitiveness of the Saudi industry sector   

Through the program, the Kingdom aims to elevate the industrial business environment by improving legislative and financial frameworks and increasing the sector’s contribution to local content.

Further, the incentive program targets fostering and straightening a culture of innovation and knowledge through talent development and attraction.

The specific industrial goals of the Standard Incentives Program include promoting localization and local content to reduce reliance on imports and developing national capabilities as well as enhancing the balance of payments.