Industrial strategy is a road-map that will accelerate Saudi growth: official

During a panel discussion marking the launch of Saudi Arabia’s National Industrial Development and Logistics Program, Deputy Minister of Energy for Industrial Affairs Abdulaziz Al-Abdulkarim confirmed that 30 government entities will support the ministry’s objectives in industrial development.

On Monday, Saudi Arabia witnessed the launch of the NIDLP program, which aims to fuel up 12 sectors in the Saudi economy, including energy, petrochemicals, mining and the automotive industry.

“It’s a big program that has 30 entities within the same shared objective, that align the mining, the logistics, the energy and the industry in an integrated fashion - that's a very important thing,” said Al-Abdulkarim.

“Those 30 government entities will support us to make sure we accelerate the development of the industry. For us, the national industrial strategy is a road-map that will definitely accelerate the growth of the industry in Saudi Arabia,” he added.

The deputy minister said the road-map laid out under the program would have three main pillars.

“The first pillar will drive the most important thing, it will leverage our domestic and regional demand. We have a huge demand that we want to capitalize, and we are building the clusters that will drive it - we have three clusters: pharmaceuticals, machinery, and building material. And the establishment of the local procurement authority will be the biggest enabler to the development and providing the growth for these clusters,” Al-Abdulkarim said.

The second pillar, the deputy minister said, will focus on optimizing the economic development of Saudi Arabia’s natural resources. “We are very blessed with a lot of natural resources and we have developed that, and we have the clusters that we want to grow. These clusters are: the chemicals, metals, and building materials. Those clusters will have the raw materials that we will provide a preferential price for those raw material. We will make sure that the industry will grow in those clusters,” he said.

The deputy minister said that the last pillar would focus on innovation. “It’s about what we’re trying to create, which is something transformative: the automotive, renewable energy, and aerospace.”

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Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58
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