Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef affirmed on Wednesday that the National Industrial Strategy (NIS) is an essential tool for diversifying the Kingdom’s economic base.
Crown Prince Mohammed bin Salman launched on Tuesday NIS to realize the objectives of the Saudi Vision 2030. The strategy focuses on 12 sub-sectors to diversify the Kingdom’s industrial economy while identifying more than 800 investment opportunities.
The Kingdom is a key player in the mining sector’s supply chain through aluminum and will continue to develop this sector to introduce more complex products, such as aircraft structures and the related spare parts, AlKhorayef said.
Speaking to the press, AlKhorayef added that if Saudi Arabia could link its mining resources in the petrochemical sector to intermediate and end products, it would be a true partner in global trade and supply chains.
Saudi Arabia seeks to raise the industrial sector's contribution to GDP to SAR900 billion ($240 billion), the minister revealed, adding that the new NIS aims to achieve food, medicine, and military security.
Member of the Saudi Shura Council Fadel al-Buainain said that NIS will enhance Saudi industrial products in global markets, given that working according to clear strategies is the best way to achieve desired goals.
“Since the launch of Vision 2030, it has been noticed that there is a focus on industry, as a hub for diversifying the sources of the economy, increasing GDP and raising the volume of exports,” al-Buainain told Asharq Al-Awsat.
He also predicted that NIS would contribute to increasing Saudi exports to global markets.
Moreover, al-Buainain said that the strategy will directly contribute to achieving several goals, including industrial expansion. It will also see to the sector attracting qualitative investments.
NIS will further contribute to rebuilding the industrial sector according to global requirements and local needs, he added.
