A major partnership has been forged between a leading food company and a marketing logistics firm through a SAR 60 million ($15.9 million) agreement aimed at boosting international trade opportunities. The memorandum of understanding was signed by the CEOs of both firms, with oversight from key officials including the Minister of Industry and Mineral Resources.
This agreement is designed to elevate the company’s presence in global markets, reflecting a broader mission to support national products and services in achieving improved global market penetration.
The collaboration is expected to enhance the country’s import-export capacity by improving connections with international trade routes, aligning with Vision 2030 goals. These goals include diversifying national income sources and increasing the share of non-oil exports to 50% of Gross Domestic Product by 2030.
Additionally, the deal supports the Export Housing initiative, which facilitates the export of high-quality national products. Licensed export houses play a crucial role in managing the export value chain and assisting local manufacturers in accessing global markets.
Recent statistics indicate a 3.3% increase in non-oil exports for the first quarter of 2024, driven by a rise in re-exports. Although there was a slight decrease in national non-oil exports, the value of re-exported goods surged by 31.5%.
In related efforts, a collaboration signed last October aims to promote national products both locally and internationally, further supporting the country’s economic transformation under Vision 2030.
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