The country’s exports are poised to grow 5% on-year between 2021 and 2025 to reach US$340 billion by 2025, according to a plan devised by the Ministry of Industry and Trade (MoIT) relating to socio-economic development over the coming five-year period.

Indeed, the export growth of domestic businesses is anticipated to reach 5% each year, with exports to Europe and America enjoying an increase of between 7% and 10% annually.

Furthermore, import growth during the reviewed period is set to enjoy a surge of 4.9% each year to reach approximately US$330 billion by 2025. Indeed, the pace of development for local businesses is expected to stand at 6%.

In line with the plan, the industrial sector will hold more than 35% of national gross product, while the commercial sector will likely make up 13.5% by 2025.

Moreover, total revenue of the retail sales of goods and consumer services is likely to witness an annual increase of between 9% and 9.5%.

The MoIT therefore aims to have 45% of small-and medium-sized enterprises join e-commerce platforms.

It is hoped that this step will serve to increase economic restructuring in combination with a growth model reform, while also improving productivity, quality, efficiency, and competitiveness.

Simultaneously, the ministry will be comprehensively developing infrastructure, mobilising additional investments, and effectively utilizing them as a means of improving the quality and efficiency of human resources whilst increasing innovations