What You Should Know About Saudi National Strategy for Industry
HRH Saudi Crown Prince Mohammed bin Salman launched recently the National Strategy for the Industry, which aims to “reach an industrial economy that attracts investment and contributes to achieving economic diversification, developing the domestic product and non-oil exports, in line with the objectives of Saudi Vision 2030,” according to “Saudi Ekhbaria channel”.
Prince Mohammed bin Salman said: “We have all the possibilities to reach a competitive and sustainable industrial economy, from ambitious young talents, a distinguished geographical location, rich natural resources, and 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 channel stated that “the industrial sector is one of the pillars of the Saudi Vision 2030 and receives great attention from the Kingdom’s leadership, as the National Industrial Development and Logistics Program was launched and an independent ministry was established to take care of the sector, and several other programs and entities”.
This resulted in a doubling of the number of industrial facilities, which did not exceed 7,206 factories established during 42 years, so their number jumped after the launch of the vision more than 50% to reach 10,640 industrial facilities in 2022, and national strategy for the industry will push the wheel of growth in the sector, bringing the number of factories to about 36,000 by 2035.”
The channel said that the national strategy for industry focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom while identifying more than 800 investment opportunities worth one trillion Saudi riyals (266.24 billion US dollars). It aims to constitute a new chapter of sustainable growth for the sector, to achieve ambitious economic returns for the Kingdom by In 2030, it includes: doubling the industrial GDP by about 3 times and doubling the value of industrial exports to reach 557 billion Saudi riyals ($148.30 billion).
It stated that: “Through the national strategy for the industry, the Kingdom aspires to empower the private sector, increase the flexibility and competitiveness of the industrial sector, in addition to industrial flexibility, which guarantees the continuity of access to important commodities for the welfare of the citizen and the continuity of economic activity, and to lead the regional industrial integration of value chains.”
