Saudi Arabia Launches New National Strategy for Industry
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 the Kingdom’s new National Strategy for Industry the country's state news agency, SPA, has reported.
His Royal Highness the Crown Prince said: “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.”
The Strategy is targetted on 12 sub-sectors to diversify the industrial operations in the Kingdom.
800 investment opportunities worth over $260 billion, have been identified, constituting a new chapter of sustainable growth including tripling the industrial domestic product, and doubling the value of industrial exports to reach $150 billion.
The National Strategy for Industry is also working to bring about $250 billion of additional investment in the sector, and to increase exports of advanced technology products six fold. This will create tens of thousands of quality, high-value jobs.
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.
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.