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Saudi Arabia unveils national strategy to become leading industrial power
Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday (Oct 18) launched the National Industry Strategy that aims to turn the kingdom into a leading industrial power, the Xinhua reported.
The Saudi Press Agency (SPA) reported, the strategy covers 12 sub-sectors, with more than 800 investment opportunities worth 1 trillion Saudi riyals (226 billion U.S. dollars).
It said that the investments will contribute to the sector's sustainable development to achieve economic revenues, including doubling the industrial GDP by three-fold and raising the industrial exports to 557 billion Saudi riyals.
Crown Prince Mohammed highlighted the kingdom's potential to reach a competitive and sustainable industrial economy, including talented youth, geographic location, natural resources and national pioneer companies.
He said that, through the strategy and the partnership with the private sector, the kingdom would become a leading industrial power.
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The SPA reported, the previous years' efforts to promote the sector, including the launch of the National Industry Development Program, have increased the number of factories from 7,206 to 10,640.
It added, the strategy looks forward to increasing the number of the factories to 36,000 by 2035.
Source: xinhua
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