Ministry of Industry eyes industrial strategy update to be complete by H1 2021

Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources is planning to complete the updates to the National Industrial Strategy by end of H1 2021, Al Eqtisadiah reported, citing Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources.

The ministry will begin implementing strategic targets focused on promising industrial sectors after the update is complete, Al-Zamil said.

He clarified that the promising industrial sectors are manufacturing, advanced production, the Fourth Industrial Revolution and 3D-printing - all of which will be included in many sectors - both at the level of military and civil industrialization.

Upon the completion of the strategy’s update, the ministry will work on implementing its targets and entering the promising sectors of industry until the end of 2025, Al-Zamil added.

Elsewhere, he said the ministry is currently working on re-examining a number of previously announced investment opportunities due to the impacts that occurred in 2020, along with the National Industrial Development Center (NIDC) to update opportunities.

There are about 100 investment opportunities in various industrial sectors that will be launched in 2021, Al-Zamil noted.