Following its invitation into the BRICS economic alliance, Saudi Arabia is set to see its exports boom with a 12% increase in business participation. Specifically, the country saw growth in certificates of origin (SO). Subsequently, the number of businesses set to export products will see a dramatic increase in the coming months.
Throughout October, the Ministry of Industry and Mineral Resources processed 38,988 COs. Conversely, it had processed only 34,745 certificates in September, signaling a stark increase in the number of businesses seeking to take advantage of export opportunities.
Saudi Arabia is Set to Increase Exports Amid BRICS Inclusion
Just this year, the BRICS bloc shocked the world with the announcement of six countries set to join its alliance. Specifically, it included Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, Ethiopia, and Argentina in its ranks. Now, that decision is set to benefit the bloc and the countries involved.
Indeed, following its BRICS invitation, Saudi Arabia is set to see an increase in exports as participation has increased by a massive 12%. Specifically, the figure denotes an increase in certificates of origin that are granted to export products that are of national origin.
The certificate of origin is important because it gives an idea of what countries are exporting products. Moreover, the increase showcases that more companies are seeking to take part in international trade. Subsequently, those opportunities should be plentiful considering its presence in the BRICS bloc.
The issuance of these licenses is directly linked to the increase in the volume of investments. Specifically, the report states that investments linked to the licenses amount to around $1.41 billion. Subsequently, that figure should continue to grow throughout this year.