Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and United Nations Industrial Development Organization (UNIDO) Director-General Gerd Müller signed on Thursday an agreement to establish a framework for a strategic cooperation program between the ministry and the organization.
The agreement was signed in Riyadh during the Multilateral Industrial Policy Forum (MIPF), which concluded Thursday. The forum was co-organized by the ministry and UNIDO.
The agreement aims to enhance industrial development in the Kingdom by focusing on several key areas, mainly the development of industrial policies, including sector-specific policies, the enhancement of industrial data collection and analysis to support decision-making, and the promotion of investment in major industrial sectors.
The strategic cooperation deal also outlined efforts to transfer advanced technology and adopt modern techniques to improve industrial processes, integrate local industries into global value chains, enhance their competitiveness, and expand the reach of Saudi products in both domestic and international markets.
The agreement entails training and developing the skills of the industrial workforce, as well as any other areas agreed upon within the strategic cooperation framework. The partnership between the two sides is expected to accelerate industrial development in the Kingdom and contribute to achieving the objectives of Saudi Vision 2030 by diversifying the economy and transforming the Kingdom into a leading industrial hub in the region.
