Saudi Arabia Introduces Customs Duty Exemptions to Boost Industrial Exports

• Saudi Arabia introduces customs duty exemption for industrial inputs to boost local goods export
• Initiative by Saudi Export Development Authority and Ministry of Industry and Mineral Resources
• Aimed at sustainable growth in non-oil exports and increasing industrial competitiveness
• Exemptions apply to inputs like labor, raw materials, fuel, equipment, and buildings
• Supports Saudi Vision 2030 to diversify economy and enhance non-oil exports
• Exemption criteria include having a valid industrial license and inputs listed in industrial capacities
• Fast application process through Sina’ai platform, completed within five working days
• Service designed to facilitate export operations and encourage international business expansion
• Part of efforts to meet Vision 2030 goals of income diversification and promoting non-oil exports

Source: zawya.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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