Saudi Arabia is set to host the Multilateral Industrial Policy Forum (MIPF) in 2024, an event affiliated with the United Nations Industrial Development Organization (UNIDO). Scheduled for October, the forum will bring together experts and decision-makers from all over the world to discuss industrial development, innovation, and the enhancement of global industrial sectors. This hosting by the Kingdom aligns with its initiatives to drive industrial development and diversify its economy, with a focus on 12 strategic industrial sectors outlined in the National Industrial Strategy. Saudi Arabia has made significant investments in industrial infrastructure, including industrial cities and special economic zones, while also strengthening international cooperation to facilitate knowledge and technology transfer.
In 2023, Saudi Arabia made a significant move by issuing a license for its first electric car brand, “Seer,” and opening the first electric vehicle manufacturing factory, “Lucid.” This marks a pivotal step towards the Kingdom’s goal of producing over 300,000 cars annually by 2030. Attracting private sector investments is crucial to achieving the targets outlined in the National Industrial Strategy, with efforts underway to boost the growth of the industrial sector. The Ministry of Industry launched the Future Factories Program in July 2022, aiming to transform 4,000 factories through automation and Fourth Industrial Revolution technologies. The goal is to enhance the competitiveness and quality of national industries and increase Saudi non-oil exports on a global scale.
Additionally, the Ministry introduced the Industrial Sector Competitiveness Program and implemented the unified industrial organization for GCC countries, with the development of executive regulations and the commencement of their implementation. Targets for 2024 and 2025 include attracting investments to reach a total volume of SR 451 billion by 2025, adding 1,500 products to the local content mandatory list, raising the industrial sector’s contribution to non-oil GDP to SR 412 billion, and increasing non-oil exports to more than SR 300 billion. These ambitious targets reflect the Kingdom’s strong commitment to further develop its industrial sector and drive economic diversification.
The upcoming second edition of MIPF 2024, to be hosted in Riyadh under the theme “Transforming Challenges into Sustainable Solutions through Industrial Policies,” is expected to attract around 3,000 industry leaders, including decision-makers, CEOs, industry specialists, and experts in industrial policy development. This forum will serve as a platform for global discussions on key issues related to industrial development and innovation, with a focus on finding sustainable solutions to challenges faced by the industry. The participation of industry experts from around the world will provide valuable insights and opportunities for collaboration, further advancing the Kingdom’s industrial goals and objectives.
In conclusion, Saudi Arabia’s hosting of the Multilateral Industrial Policy Forum in 2024 is a testament to the Kingdom’s dedication to driving industrial development and diversifying its economy. Through strategic investments in industrial infrastructure, initiatives to attract private sector investments, and the implementation of programs aimed at enhancing competitiveness and quality, Saudi Arabia is making significant progress towards achieving its National Industrial Strategy targets. The upcoming forum in Riyadh will serve as a platform for global industry leaders to collaborate, share insights, and work towards sustainable solutions for the challenges facing the industrial sector. With ambitious goals set for the coming years, Saudi Arabia is poised to further strengthen its position as a key player in the global industrial landscape.
