RIYADH: Saudi Arabia has launched a new service ‘Exemption for Export,’ to boost its industrial sector’s global competitiveness. This initiative was launched by the Saudi Export Development Authority in collaboration with the Ministry of Industry and Mineral Resources to provide customs duty exemptions for industrial inputs used to make exports goods. The initiative will support Vision 2030’s objective of diversifying the economy and boosting the non-oil exports.
The idea is to reduce export-related costs for manufacturers by applying exemptions on inputs such as labour, raw materials, fuel, equipment and buildings. For companies to qualify for this exemption, a valid industrial license and demonstrate compliance with approved industrial capacities is a must. The materials must be in compliance with the materials and eligibility is also dependent on the export performance over the last year. When approved, the requests will be processed through the “Sina’ai” platform within five business days.
The initiative aims to deal with the challenges that Saudi exporters have to go through, simplify processes and further encourage expansion into international markets. It boosts Vision 2030’s goals to boost non-oil exports and support sustainable growth through innovative solutions made to meet exporters’ needs.
To diversify the economy’s dependency on oil, Saudi Arabia has been heavily investing in its industrial sector. Initiatives such as the National Industrial Development and Logistics Program focus on improving infrastructure, simplifying customs and providing incentives for export. These efforts have contributed to the growth of non-oil exports and strengthened sectors like manufacturing, petrochemicals and construction materials.
Saudi Arabia is positioning itself as a global trade hub by eliminating financial and logistical challenges to boost sustainable development and promote the kingdom’s broader economic diversification efforts.
