The Ministry of Industry and Mineral Resources, in collaboration with the United Nations Industrial Development Organization (UNIDO), organized a pre-launch event in New York today to announce the upcoming 2024 Multilateral Industrial Policy Forum (MIPF), which will take place in Riyadh on October 23-24, 2024.
The event also highlighted the ministry’s plans to host the 21st General Conference of UNIDO in Riyadh in 2025, attended by industry ministers and leaders of industrial transformation worldwide, as well as officials from Saudi Arabia’s industrial and mining sectors.
The event was attended by 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.
In his opening remarks, the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, welcomed the industry leaders from around the world and gave a highlight on the great transfor
mation the Kingdom is going through under Vision 2030, emphasizing the Kingdom’s commitment to economic diversification and the development of new sectors.
The minister outlined the importance of expanding emerging and existing industries, focusing on the industrial and mining sectors. These sectors, he noted, are pivotal to the country’s strategy for achieving a diversified and resilient economy. Alkhorayef also underscored Saudi Arabia’s forward-looking approach to global industrial challenges. Saudi Arabia’s industrial and mining strategies were designed to support national growth and address critical global issues.
The minister pointed to supply chain and energy transition challenges as key areas where Saudi Arabia can provide leading solutions. Driving these efforts is a solid commitment to human capital development. The minister reiterated that advancing the Kingdom’s industrial sectors would require significant investment in its workforce. He emphasized that the integration of technology and innovati
on is central to the growth of these sectors, aligning with global trends in industrial development.
Looking towards the Kingdom’s Vision 2030, Alkhorayef shared the Kingdom’s ambitious goal of tripling the industrial sector’s contribution to the GDP, targeting around USD 241 billion by 2030. He noted that Saudi Arabia has already attracted USD 144 billion in foreign investment and aims to achieve further growth by expanding industrial exports to around USD 150 billion by 2030. These figures reflect the Kingdom’s commitment to build a globally competitive industrial sector that will benefit the national economy and contribute to international trade.
The minister stressed that Saudi Arabia’s transformation is being powered by significant investments in its people and infrastructure, both physical and digital. These investments will enable the Kingdom to emerge as a global leader in trade, an industrial powerhouse, and a key logistical hub for the region. By aligning its policies with international standards
and addressing global challenges, Saudi Arabia is positioning itself as a critical player in shaping the future of industrial development.
He also urged industrial leaders to attend the MIPF in Riyadh on October 23-24, 2024, featuring prominent ministers and leaders in industrial transformation. The forum will discuss various topics, including addressing global industrial policy challenges, collaborating with international partners to propose innovative solutions, and exploring the use of clean energy in the industry while highlighting global best practices for enhancing supply chain resilience and advanced digital manufacturing technologies, including artificial intelligence.
Saudi Arabia won the bid to host the 21st General Conference of UNIDO, which will be held in Riyadh in 2025, following a unanimous decision by the organization’s 172 member states at the end of 2023.
Source: Saudi Press Agency
