HomeIndustrySaudi launches industrial strategy to increase exports to $148 bn
By Economy Middle East
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October 19, 2022 10:18 am

Saudi launches industrial strategy to increase exports to $148 bn

As part of the country’s Vision 2030 plans
Saudi industry
Saudi Crown Prince Mohammed bin Salman (Image credit: SPA)

Saudi Arabia’s Crown Prince Mohammed bin Salman launched the National Industrial Strategy, which aims to increase the industrial export value to 557 billion riyals ($148.34 billion) by 2030, Saudi Press Agency (SPA) reported recently.

The strategy is a plan to promote industry and attract investment in Saudi’s economy, leading to economic diversification and growth of non-oil exports and GDP as part of the country’s Vision 2030 plans.

The Crown Prince said: “We have all the capabilities we need to enable a competitive and sustainable industrial economy, from ambitious young talent, a distinguished geographic location, rich natural resources, and the presence of leading national industrial companies.”

“Through the National Strategy for Industry 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.”

The National Strategy for Industry focuses on 12 sub-sectors to diversify the industrial economy in Saudi.

The strategy will also increase the total additional investments in the sector to 1.3 trillion riyals ($346.21 billion), SPA added and will increase exports of advanced technology products by around six times, in addition to creating tens of thousands of quality, high-value jobs.

The strategy also aims to increase factories in the kingdom from 10,640 at present to 36,000 by 2035, SPA said.