Minister of Industry: The Kingdom aims to expand industrial exports to $150 billion by 2030

The Ministry of Industry and Mineral Resources, in partnership with the United Nations Industrial Development Organization (UNIDO), held a promotional event in New York State today regarding its organization of the Multilateral Industrial Policy Forum (MIPF) 2024, which will be held in Riyadh during the period from October 23-24, 2024, in addition to highlighting the Ministry’s organization of the (21) edition of the General Conference of the United Nations Industrial Development Organization, which the Ministry will organize in Riyadh during the year 2025, with the attendance of Ministers of Industry and leaders of industrial transformation around the world, and officials in the Kingdom’s industry and mining system.

The event witnessed the attendance of prominent officials, including Faisal Al-Ibrahim, Minister of Economy and Planning, Dr. Abdullah Al-Rabeeah, General Supervisor of the King Salman Center for Relief and Humanitarian Action, and Jassim Al-Badawi, Secretary-General of the Gulf Cooperation Council.

In his speech, Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, addressed the major transformation that the Kingdom is witnessing under the Kingdom’s Vision 2030, stressing the Kingdom’s commitment to diversifying the economy and developing new sectors, indicating the importance of expanding emerging and existing industries, and focusing in particular on developing promising sectors in industry and mining, as these sectors are essential to the Kingdom’s strategy to achieve a diversified and strong economy.

He emphasized the Kingdom’s future approach to confronting global industrial challenges, explaining that the Kingdom’s strategies in industry and mining were not only designed to support national growth; but also to address critical global issues, noting that supply chain challenges and energy transformations are key axes in which the Kingdom can play a leading role in providing solutions.

He pointed out that this effort demonstrates a strong commitment to developing human capital, stressing that advancing the Kingdom’s industrial sectors requires significant investments in the workforce, and he stressed that integrating technology and innovation is an essential element in the growth of these sectors, in line with global trends in industrial development.

Within the framework of the Kingdom’s Vision 2030, he pointed to the Kingdom’s ambitious goal of tripling the industrial sector’s contribution to GDP to $241 billion by 2030, noting that the Kingdom has already attracted $144 billion in foreign investments and aims to achieve further growth by expanding industrial exports to $150 billion by 2030. These figures reflect the Kingdom’s commitment to building a globally competitive industrial sector that not only benefits the national economy but also contributes to international trade. He stressed that the Kingdom’s transformation is driven by significant investments in its infrastructure, both physical and digital, and that these investments will enable the Kingdom to emerge as a global trade leader, an industrial powerhouse, and a major logistics hub in the region. By aligning its policies with international standards and addressing global challenges, the Kingdom is positioning itself as a key player in shaping the future of industrial development. The Minister of Industry and Mineral Resources emphasized the Kingdom’s close ties with UNIDO and its programs, which enhance global industrial development and enable innovation and smart manufacturing solutions. To contribute to building a sustainable international industrial base that helps improve the standard of living for individuals and societies.

The Minister of Industry called on industrial leaders to attend the Multilateral Industrial Policy Forum (MIPF) to be held in the capital, Riyadh, from October 23 to 24, 2024. This event, co-hosted by UNIDO, will include ministers and prominent leaders in the field of industrial transformation, indicating that the forum will discuss several topics, most notably addressing the challenges of global industrial policy, cooperating with international partners to propose and develop innovative solutions for them, discussions on the use of clean energy in industry, and highlighting global best practices to enhance the resilience of supply chains, in addition to exploring the latest advanced digital manufacturing technologies, including artificial intelligence.

It is noteworthy that the Kingdom won in late 2023 to host the twenty-first session of the General Conference of the United Nations Industrial Development Organization (UNIDO), which will be held in Riyadh in 2025, after adopting a decision unanimously by the organization’s 172 member states.