Filling & Packing Material. MFG. CO. (FIPCO) signed an agreement with Saudi Authority for Industrial Cities and Technology Zones (MODON) to support the industrial transformation plan under the National Productivity Program (NPP) initiative.
The agreement, that includes FIPCO’s subsidiary, falls in line with Saudi Vision 2030, and in compliance with the relevant criteria, the company said in a bourse statement.
The program aims to transform the Kingdom into a leading industrial power and international logistics hub in a number of promising fields, with a focus on the implementation of industrial 4G technology.
The program entails developing infrastructure, implementing the digitalization program, enhancing research, as well as training and boosting the efficiency of current workers.
Being part of the program will likely decrease industrial costs, cut energy tariffs, improve the quality of products, and reduce workers turnover.
The company further explained that it is employing more than 1,000 workers with annual salaries of SAR 38 million and power fees of SAR 7 million per annum.
FIPCO also noted it is working with several official entities to make the optimum use of these programs, tailored for developing industry and boosting the local content.
MODON recently launched the National Productivity Program, in line with Saudi Vision 2030, which entails more than 300 strategic initiatives to develop 11 core industries, Argaam reported.
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