Made in Saudi: An initiative to change the oil-only economy stereotype

As part of its vision, the Saudi Government has launched the Made in Saudi program, an initiative to support national products and services at local and international levels. The program will raise awareness of and confidence in local industries by enhancing the culture of loyalty at various levels. The program, which is an initiative by the Ministry of Industry and Mineral Resources, headed by its Minister Ibrahim Al Khorayef, will be given priority status, which will contribute to localizing industries and achieving self-sufficiency in different fields.

The program aims to end the stereotype of the Saudi economy as one that is heavily reliant on oil exports and turning it into a promising national industrial marketplace. This change includes a variety of products and multiple trademarks that will contribute to enriching the local industry and increasing the share of exports. The program underwent several phases, studying the market reality and consumer behavior, interacting with local firms to understand their needs, and concluding with an analysis of other countries’ experiences and the best international practices adopted in such programs.

The Made in Saudi program will offer several opportunities for the private sector to expand their scope of work and promote their products locally and internationally, where they can use the Made in Saudi logo on products that meet the agreed quality standards. Furthermore, it will enhance the value of national solidarity to support national facilities in a way that benefits citizens.

It is worth mentioning that the Made in Saudi program will play a critical role in realizing the Saudi Vision 2030 reform plan through supporting local content and directing the purchasing power toward local products and services until the contribution of the private sector to the GDP reaches 65 percent and the share of non-oil exports in the GDP increases to 50 percent by 2030. The global brand will be deployed in the international markets and exhibitions around the world.

In my opinion, purchasing Saudi-made products by the public and private sectors ensures that local industries in the Kingdom will stay in business. Furthermore, the manufacturing sector will in turn stimulate local investments, attract foreign direct investments, create jobs, enhance export capabilities and improve the balance of payments.

• Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group