Thursday 25 July 2024
 
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Modon launches key initiative to boost Saudi industrial sector

RIYADH, 14 days ago

Saudi Authority for Industrial Cities and Technology Zones (Modon) has joined forces with key entities - Saudi Export-Import Bank (Exim); Saudi Export Development Authority (Saudi Exports); Local Content and Government Procurement Authority; the Saudi Industrial Development Fund (SIDF); the National Industrial Development and Logistics Program and the Royal Commission for Jubail and Yanbu - for a key initiative aimed at developing the kingdom's industrial sector, reported SPA. .
 
The awareness campaign, "Expand Globally: a Journey Between Industry and Export," launched by these Saudi entities is aimed at boosting the kingdom's non-oil exports and strengthening its position in the global market to support the goals of Vision 2030.
 
The campaign is part of the kingdom's efforts to raise awareness among industrial sector investors about the system's role in empowering local industrialists and exporters. 
 
It aims to create a diverse and inclusive investment-attracting economy and contribute to sustainable economic diversification, it added.
 
The initiative seeks to build an industrial community capable of driving industrial development in the kingdom, leveraging available resources and initiatives to create an investment-attracting industrial economy, said the SPA report. 
 
Its impact extends to the growth of local content, the enhancement of non-oil Saudi exports, and strengthening the kingdom's position as a strategic industrial and logistics center globally, it added.
 
According to Modon, the campaign's implementation relies on the system's entities introducing their customers to the opportunities and capabilities provided by Exim. 
 
The initiative aims to stimulate the growth and development of local institutions and companies in the sector while enriching local content and expanding its presence in global markets, it added.



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