The announcement of the National Industrial Strategy by the Saudi Crown Prince

 Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman announced the National Industrial Strategy on Tuesday.

Its objective is to provide access to an attractive industrial economy for investors that can achieve economic diversification, increase national production and non-oil exports.

According to the Saudi news agency SPA, Crown Prince Mohammed bin Salman, who is also the head of the Economic and Development Affairs Council, said that the Kingdom has all the possibilities to access a sustainable competitive industrial economy. There are talented young people looking forward. It is a unique geographical location.

"Through the national industrial strategy and partnership with the private sector, Saudi Arabia will become an industrialized country to ensure international supply and provide high-tech products to the world."

The industrial sector is one of the pillars of the Saudi Vision 2030. The top leadership is interested in it. This is evidenced by the fact that the Kingdom has introduced a program of renewal of national industry and logistics services. A formal ministry has been established to oversee it. A number of institutions have been formed. This has resulted in doubling the number of factories.

7206 factories were established in the kingdom during 42 years. After the Saudi Vision 2030, their number has reached 10640 in 2022. The National Industry Strategy will work to increase the number of factories to 36,000 by 2035.

The National Industrial Strategy will establish 12 sub-sectors to diversify the industrial economy in the kingdom while more than 800 new projects worth one trillion riyals will be launched. By 2030, industrial national production will increase up to 3 times with these projects. The volume of industrial exports will reach 557 billion Rials.

 The national strategy will also work for additional investment of up to 1.3 trillion riyals in the industrial sector. Exports of advanced technological products will be increased up to six times. This will provide new employment opportunities to tens of thousands of people.

The industrial sector in Saudi Arabia is being established on the basis of solid foundations and achievements of the past fifty years. The industry sector has contributed more than 340 billion Rials to the gross national product.

There is a network of national industrial companies in the kingdom. Thanks to which the Saudi industry has become one of the regional and global developed industries. Saudi Arabia is the fourth largest producer of petrochemical products in the world.

 The implementation of the National Industrial Strategy is in line with global trends including the goals of the Fourth Industrial Revolution, the Kingdom. Saudi Arabia possesses competitive characteristics in terms of geographical location, abundance of natural resources, energy sources, manpower, purchasing power and stable fiscal policies.