RIYADH, Aug 02 (Arab News): A revised investment licencing system and a new app are part of a series of initiatives announced by the Federation of Saudi Chambers of Commerce to strengthen the Kingdom's industrial sector.
Announced at an open meeting organised by the group and represented by the National Industrial Committee, the revision will enable investors to secure permits before finalizing spatial allocations, according to the Saudi Press Agency.
Other initiatives include directing investments to optimal locations based on their advantages, developing an industrial platform with new services, and launching an industrial app for easier access to services and incentives.
A new model for customs exemptions has also been introduced, reducing the decision timeframe from 12 days to 48 hours.
These developments underscore the industrial domain's pivotal role in Saudi Vision 2030, highlighting the strategic steps taken to advance and support the sector's growth.
During the event, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said that advanced industries, such as automotive and aviation, are central to the sector's projected expansion.
He also said that an industrial council has established specialized authorities for machinery, automobiles, and aircraft, in addition to addressing and resolving relevant issues.
"We are working on building industrial capabilities and have cooperation with a number of companies, like Boeing and Embraer, to manufacture aircraft parts within the Kingdom," the deputy minister said.
Salamah highlighted key government projects, such as the Future Factories Program - an initiative to transform 4,000 factories in the Kingdom, and safeguarding supply chains in the food and petrochemical sectors.
Saudi Arabia unveils new industrial initiatives to drive economic growth
FE Team | Published: September 03, 2024 00:53:11
Saudi Arabia unveils new industrial initiatives to drive economic growth
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