Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the National Strategy for Industry, which aims to promote industry and attract investment, leading to economic diversification and growth of non-oil exports and GDP.
The Crown Prince, also Prime Minister and Chairman of the Council of Economic Affairs and Development, said Saudi Arabia has all the capabilities to reach a competitive and sustainable industrial economy, from ambitious young talents, a prominent geographic location, rich natural resources, and leading national industrial companies.
"Through the National Industrial strategy and in partnership with the private sector, the kingdom will become a leading industrial powerhouse that contributes to securing global supply chains and export high-tech products to the world," said the Crown Prince.
The industrial sector is one of the pillars of Vision 2030 and received significant attention from the Saudi leadership.
The National Industrial Development and Logistics Program (NIDLP) was launched, and an independent ministry was established to care for the sector and several other programs and entities.
It doubled the industrial establishments, which did not exceed 7,206 factories within 42 years. The number jumped more than 50 percent after Vision 2030 to reach 10.64 thousand industrial facilities in 2022.
The National Strategy for Industry will increase growth in the sector, bringing the number of factories to about 36,000 by 2035.
The Strategy focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom while identifying more than 800 investment opportunities worth $266 billion, beginning a new chapter of sustainable growth for the sector.
It seeks to achieve ambitious economic returns for the Kingdom by 2030, including increasing industrial GDP threefold and doubling the value of industrial exports to reach $148.5 billion.
The National Strategy aims to bring the total value of additional investments in the sector to $346.6 billion, increase exports of advanced technology products by about six times, and create tens of thousands of quality jobs of high value.
Saudi Arabia aspires to empower the private sector, increase the flexibility and competitiveness of the industrial sector, which guarantees the continuity of access to essential commodities for the welfare of the citizens, and achieve global leadership in a group of selected items by investing in promising new technologies.
According to information released, a governance model for the industrial sector was developed through the formation of the Supreme Committee for Industry, chaired by the Crown Prince, which will help achieve these ambitious national goals.
It will help supervise the development of the sector and the formation of the Industrial Council with the participation of the private sector to ensure the involvement of industrial investors in decision-making and policy development.
The Kingdom's industrial sector is based on solid industrial foundations and successes built over 50 years, adding more than $90.6 billion to the GDP and providing many quality jobs and entrepreneurship opportunities in various industrial fields.
The Kingdom enjoys the presence of leading national industrial companies, which have placed the Saudi industry in the ranks of advanced industries regionally and globally.
Saudi Arabia is the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to providing global supply and manufacturing chains involved in the production of many industries.
The launch of the Strategy is in line with global trends in the sector, such as the Fourth Industrial Revolution, the objectives of Saudi Arabia, and the competitive advantages it enjoys through its geographic location, an abundance of natural resources and energy sources, human capabilities, purchasing power, and stable monetary policies.
