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Saudi Arabia’s Crown Prince unveils industrial strategy to spur growth
The strategy concentrates on 12 sub-sectors to diversify the industrial economy
To become a leading industrial power that contributes to securing global supply chains, exporting high-tech products to the world, and boosting the industrial sector’s flexibility and competitiveness, Saudi Arabia’s Crown Prince Mohammed bin Salman has introduced the National Industrial Strategy.
The plan will spur the sector’s growth and raise the country’s factory population to roughly 36,000 by 2035 and establish an industrial economy that attracts investment, helps achieve economic diversification, and increases domestic output and non-oil exports, according to the Saudi Press Agency.
“We have all the capabilities to reach a competitive and sustainable industrial economy, including ambitious young talents, a distinguished geographical location, rich natural resources, and leading national industrial companies,” SPA quoted the Crown Prince as saying.
The strategy concentrates on 12 sub-sectors to diversify the industrial economy in the kingdom and identifies more than 800 investment opportunities to start a new era of sustainable development for the industry.
By 2030, Saudi Arabia wants to quadruple its manufacturing GDP, raise industrial exports to $148.34 billion, add $346 billion to the sector’s overall investments, more than double exports of advanced technology goods, and generate tens of thousands of high-quality jobs.
With the Supreme Committee for Industry, which is led by the Crown Prince and will monitor the sector’s growth, the kingdom has created a model of government for the industrial sector. Additionally, the nation established the Industrial Council in collaboration with the private sector to guarantee the involvement of industrial investors in decision-making and policy formulation.
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