Saudi Arabia has extended an invitation to global industry leaders to participate in the 2024 Multilateral Industrial Policy Forum (MIPF) scheduled to take place in Riyadh on October 23-24, 2024. This announcement was made during a pre-launch event organized by the Ministry of Industry and Mineral Resources in collaboration with UNIDO in New York. The event also highlighted Saudi Arabia’s plans to host the 21st General Conference of UNIDO in 2025, which will bring together industry ministers and leaders in industrial transformation from around the world, as well as officials from Saudi Arabia’s industrial and mining sectors.
Key officials, including Faisal Alibrahim, Minister of Economy and Planning; Abdullah Alrabeeah, Supervisor General of King Salman Humanitarian Aid and Relief Centre; and Jasem Albudaiwi, Secretary General of the GCC, were in attendance at the event. In his opening remarks, Minister of Industry and Mineral Resources Bandar Alkhorayef welcomed global industry leaders and emphasized the significant transformation taking place in the Kingdom under Vision 2030. He highlighted Saudi Arabia’s commitment to economic diversification and the development of new sectors, particularly in industry and mining, essential for the creation of a resilient economy.
Minister Alkhorayef outlined ambitious goals for Vision 2030, aiming to triple the industrial sector’s contribution to GDP to around $241 billion by 2030. Saudi Arabia has already attracted $144 billion in foreign investment and plans to increase industrial exports to approximately $150 billion by the same year, demonstrating the Kingdom’s dedication to building a competitive industrial sector. He also stressed the importance of investing in the workforce, focusing on technology and innovation to advance the Kingdom’s industrial sectors. Alkhorayef encouraged industry leaders to attend the MIPF where discussions will revolve around global industrial policy challenges, collaboration for innovative solutions, and the role of clean energy in industry.
Saudi Arabia’s proactive approach to global industrial challenges, particularly in supply chain and energy transitions, was highlighted by Minister Alkhorayef. He emphasized the need for substantial investment in the workforce, with a strong focus on technology and innovation to advance the Kingdom’s industrial sectors. The forum will focus on enhancing supply chain resilience, advanced digital manufacturing technologies including artificial intelligence, and best practices for industry. The announcement of Saudi Arabia hosting the 21st General Conference of UNIDO in 2025 was met with unanimous support from the organization’s 172 member states. This decision reaffirms the Kingdom’s growing influence in the global industrial landscape.
In conclusion, Saudi Arabia’s invitation to global industry leaders to participate in the 2024 Multilateral Industrial Policy Forum (MIPF) and its plans to host the 21st General Conference of UNIDO in 2025 underscore the Kingdom’s commitment to economic diversification and the development of robust industrial sectors. Through Vision 2030, Saudi Arabia aims to triple the industrial sector’s contribution to GDP, attract foreign investment, and increase industrial exports, showcasing its dedication to building a competitive industrial sector. The MIPF will serve as a platform for global industry leaders to engage in discussions on key industrial policy challenges, collaborate on innovative solutions, and explore the role of clean energy in industry. Saudi Arabia’s proactive approach to global industrial challenges and the unanimous support for hosting the UNIDO General Conference in 2025 further solidify the Kingdom’s position as a key player in the global industrial landscape.
