The Industry, Energy and Mineral Resources Committee of Riyadh Chamber of Commerce has stressed the need for government and private industrial action to counter the decline of local production index in Saudi Arabia by the end of the first quarter of 2018.
Committee Chairman Engineer Osama al-Zamil called for the rapid implementation of a system of protection and competitiveness for Saudi industry by the end of the year.
He also stressed the importance of partnership between the private and public sectors to enhance the competitiveness index of the Saudi industry.
Speaking to Asharq Al-Awsat, Zamil stressed revising ways to protect industry competitiveness and increase import taxes. He pointed out that non-oil Saudi exports reached $47 billion, with a prediction of providing 1.1 million jobs.
Zamil added: “The plan to face the negative impact on industrial investment resulting from the structural transformation of the Saudi economy, coupled with the slowdown in economic growth, requires quick activation of the implementation of local industrial content programs before the end of 2018.”
"There is a need to review the bilateral agreements that preceded Vision 2030 as some of them are in the interest of the other party,” he added.
Zamil proposed a review of trade relations with some countries, especially those that impose 65 percent taxes on Saudi exports, while their imports into the Kingdom face no more than 5 percent of taxes.
