RIYADH: Saudi exports are expected to gain momentum with a 12 percent increase in certificates of origin issued in October, indicating that more businesses will now contribute to international trade.
According to the Ministry of Industry and Mineral Resources, it processed 38,988 certificates of origin in October compared to 34,745 recorded in September.
The CO certifies that the products exported abroad have a national origin and includes information on the exporter and importer, a description of the goods and the signature and stamp of the issuing authority.
These certificates support the national industry by offering preferential tariffs under free trade agreements and complying with customs regulations in importing countries.
The document includes four distinct modes: one for national products intended for the Gulf Cooperation Council countries, another for Arab nations, a preferential origin certificate, and a bilingual version for countries that do not grant preferential treatment.
According to the ministry, the issuance has risen since it delivered 36,293 COs in August, up from 34,926 in July.
The latest data reveals this service is not limited to large corporations or industrial conglomerates but encompasses a broad array of economic actors, including but not limited to farmers, fishermen, individual entrepreneurs and local artisans.
The CO service is also an electronic service that enables businesses to avail of the certification without the need to visit the ministry to save time and effort.
The ministry started issuing these COs on Jan. 1, following the Cabinet’s decision to transfer the issuance of these documents for all national products from the Ministry of Commerce to the Ministry of Industry.
The Industry and Mineral Resource Ministry has also witnessed a notable increase in issuing industrial licenses.
In September, it awarded 174 industrial permits compared to 136 in August, bringing the total number issued in the first nine months of the year to 969.
This issuance also aligned with the ministry’s aim to promote the industrial and mining sectors and contribute to achieving sustainable development.
The statement also revealed the volume of investments linked to the licenses during September amounted to SR5.3 billion ($1.41 billion).
Small enterprises accounted for up to 88.51 percent of the funding, followed by medium companies at 10.92 percent and micro-sized firms at 0.57 percent.
