Jeddah, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, has launched Saudi Arabia’s new National Strategy for Industry.
In line with the objectives of the Saudi Vision 2030, the Strategy aims to build an industrial economy that attracts investment, contributes to achieving economic diversification and develops the Kingdom’s domestic product and non-oil exports, Saudi Press Agency (SPA) reported.
“We have all the capabilities we need to enable a competitive and sustainable industrial economy, from ambitious young talent, a distinguished geographic location, rich natural resources, and the presence of leading national industrial companies. Through the National Strategy for Industry and in partnership with the private sector, the Kingdom will become a leading industrial power that contributes to securing global supply chains and exporting high-tech products to the world,” said His Royal Highness the Crown Prince.
The industrial sector is one of the pillars of the Saudi Vision 2030, and the subject of much attention from the Kingdom’s prudent leadership. The National Industrial Development and Logistics Program has previously been launched and an independent ministry established to oversee the sector. Other programs and entities have led to an increase in the number of industrial establishments by more than 50% since the launch of the Vision, reaching 10,640 industrial facilities in 2022. The National Industrial Strategy will drive growth in the sector, bringing the number of facilities to around 36,000 by 2035.
The National Strategy for Industry focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom. More than 800 investment opportunities worth one trillion Saudi Riyals, have been identified, constituting a new chapter of sustainable growth for the sector. These will achieve ambitious economic returns for the Kingdom by 2030, and include: tripling the industrial domestic product, and doubling the value of industrial exports to reach 557 billion Saudi riyals. The National Strategy for Industry is also working to bring 1.3 trillion Saudi riyals of additional investment in the sector, and to increase exports of advanced technology products by around six times, in addition to creating tens of thousands of quality, high-value jobs.
Through the Strategy, the Kingdom aspires to empower the private sector and increase the flexibility and competitiveness of the industrial sector, ensuring continuity of access to important commodities for the well-being of citizens and the continuity of economic activity, in addition to leading the regional industrial integration of value chains, taking advantage of the strengths of the Saudi economy and achieving global leadership in a group of selected commodities by investing in promising new technologies.
To achieve these ambitious national objectives, a governance model for the industrial sector has been developed through the formation of the Supreme Committee for Industry, headed by His Royal Highness the Crown Prince to oversee the development of the sector. An Industrial Council has also been created with the participation of the private sector, to ensure the participation of industrial investors in decision-making and development policies.
The industrial sector in the Kingdom is based on solid industrial foundations and successes built over 50 years, contributing to the addition of more than 340 billion Saudi riyals to the GDP and providing many quality jobs and entrepreneurship opportunities across various industrial fields. The Kingdom also enjoys the presence of leading national industrial companies, which have contributed to the Saudi industry placing in the highest ranks of advanced industries regionally and globally.
Today, the Kingdom is the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to supplying global supply and manufacturing chains, across many industries.
The launch of the Strategy is aligned with global industrial trends, such as the Fourth Industrial Revolution along with the Kingdom’s competitive advantages in the form of its geographical location, abundance of natural resources and energy sources, human capabilities, purchasing power and stable monetary policies.
Source: Bahrain News Agency
