National industry policy by Saudi crown prince

• Kingdom of Saudi Arabia, Saudi Arabia’s Crown Prince Mohammed bin Salman launched the National Industrial Strategy.
• The crown prince will serve as the committee’s chairman.
• This is because the Kingdom of Saudi Arabia is currently the fourth largest manufacturer of petrochemical products in the world.

Kingdom of Saudi Arabia, Saudi Arabia’s Crown Prince Mohammed bin Salman launched the National Industrial Strategy on Tuesday. The plan’s objective is to accelerate growth in the sector and bring the total number of factories in the country up to approximately 36,000 by the year 2035.

In accordance with the goals of the Saudi Vision 2030, the strategy also aims to develop an industrial economy that serves as an incentive for investment and makes a contribution to the achievement of economic diversification, the development of domestic product, and the expansion of non-oil exports.

“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.

“Through the national industry strategy 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,” he added.

This plan focuses on 12 sub-sectors to help diversify the industrial economy in the Kingdom. At the same time, it identifies more than 800 investment opportunities that will create a new chapter of sustainable growth for the sector.

Saudi Arabia is seeking to triple manufacturing GDP by 2030, increase the industrial exports value to SR557 billion riyals ($148.34 billion), increase the total additional investments in the sector to SR1.3 trillion, increase exports of advanced technology products by about six times, and create tens of thousands of high quality jobs.

By investing in potentially useful new technologies, the Kingdom of Saudi Arabia aims to achieve global leadership in a group of chosen commodities, empower the private sector, increase the flexibility and competitiveness of the industrial sector, lead the regional industrial integration of value chains, benefit from the strength of the Saudi economy, and achieve global leadership in a select group of commodities through the implementation of a new strategy.

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The Kingdom has devised a model for the governance of the industrial sector, which entails the formation of the Supreme Committee for Industry. The crown prince will serve as the committee’s chairman, and he will be responsible for supervising the growth of the industrial sector. In addition, the country has established, in collaboration with the private sector, an Industrial Council in order to secure the participation of industrial investors in decision-making and the formulation of policy.

The Kingdom’s industrial sector is based on solid industrial foundations and successes built over 50 years, as it contributed to adding more than SR340 billion to GDP, and provided many jobs and entrepreneurship opportunities in various industrial fields.

The leading national industrial companies have also contributed to placing the Saudi industry in among the most advanced industries regionally and globally. This is because the Kingdom of Saudi Arabia is currently the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to supplying global supply and manufacturing chains, which are involved in the production of many different types of industries.