Saudi Arabia aims to raise industrial sector’s contribution to GDP to $240 billion

By Trend

Saudi Arabia aims to increase the industrial sector’s contribution to GDP to 900 billion riyals ($240 billion), the Kingdom’s minister of industry and mineral resources told Al Arabiya on Wednesday after Crown Prince Mohammed bin Salman launched the country’s National Industrial Strategy, Trend reports citing Al Arabiya.

Bandar al-Khorayef said the strategy, which is an essential tool which the Kingdom can diversify its economy through, aims to increase the contribution of the industrial sector to GDP to reach 900 billion riyals and increase exports to exceed 550 billion riyals ($146 billion).

“The strategy will also attract new investment opportunities worth a trillion riyals ($266 billion).”

The Crown Prince launched the National Industrial Strategy to promote industry, attract investment in the Kingdom’s economy and grow non-oil products and exports, which is an essential part of Saudi Arabia’s Vision 2030.

“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,” the Crown Prince said.

Al-Khorayef added that the strategy also focuses on local production and export of high-quality products that can be based on local resources such as petrochemical products.

The strategy, al-Khorayef noted, also intends to boost the Kingdom’s position as a main player in the global supply chains.

He also said that the number of factories in the Kingdom has increased by around 50 percent since the launch of Vision 2030.

The National Industrial Strategy aims to bring the number of facilities to around 36,000 by 2035.