Saudi Arabia, in collaboration with the United Nations Industrial Development Organization (UNIDO), is set to host the Multilateral Industrial Policy Forum (MIPF). This event highlights the Kingdom’s ongoing industrial transformation aligned with Vision 2030, aiming to broaden its industrial base and establish itself as a global industrial hub.
Organized by the Ministry of Industry and Mineral Resources in Riyadh, the forum is part of Saudi Arabia’s persistent efforts in industrial development. By focusing on innovation and diversification across 12 strategic sectors outlined in the National Industrial Strategy, the Kingdom aims to enhance competitiveness and bolster its national economy.
Beyond this strategy, Saudi Arabia has been investing in industrial infrastructure, including industrial cities and special economic zones, to promote international cooperation and the transfer of technology. The forum serves as a platform for global experts to exchange knowledge and establish best practices in industrial policies.
The Kingdom is committed to aligning its policies with international standards to boost the global competitiveness of its industrial sector. It is leading initiatives for sustainable industrial practices, fostering international collaboration, and adopting environmentally friendly technologies to strengthen supply chain resilience.
Significant industrial advancements in 2023 include major investment opportunities in targeted sectors, licensing the first Saudi-made electric car brand “Ceer,” and opening the “Lucid” electric vehicle manufacturing plant. The goal is to produce over 300,000 cars annually by 2030.
Private sector investment is crucial for achieving the National Industrial Strategy’s objectives. The focus is on enhancing sector integration, developing infrastructure, encouraging joint ventures, promoting local content, and empowering national companies through policy support, financing, and training.
The Ministry of Industry and Mineral Resources launched the Future Factories Program in July 2022, aiming to transform 4,000 factories into efficient, automated operations using advanced industrial solutions. This initiative seeks to boost competitiveness, improve product quality, and increase exports of non-oil products.
Efforts to improve the regulatory environment for the industrial sector are also underway, creating a favorable climate for investment and fair competition. By 2024 and 2025, the ministry plans to attract investments in key sectors, achieve a total investment volume of SAR451 billion, add 1,500 products to the local content list, and increase the industrial sector’s contribution to the non-oil GDP to SAR412 billion. Non-oil exports are projected to exceed SAR300 billion.
The upcoming Multilateral Industrial Policy Forum in Riyadh, themed “Transforming Challenges into Sustainable Solutions through Industrial Policies,” will gather around 3,000 industry leaders globally, including decision-makers, CEOs, and industry specialists.
