National Industrial Strategy goes beyond industrial sector, serves citizens, says AlKhorayef

Bandar AlKhorayef, Minister of Industry and Mineral Resources

The National Industrial Strategy, which was launched by Crown Prince Mohammed bin Salman on Oct. 18, goes beyond the industrial sector, and will serve Saudi citizens who are interested in the availability of national high-quality products, said Bandar AlKhorayef, Minister of Industry and Mineral Resources.

He added that this sector intersects with several sectors it serves and interacts with to achieve a strong economic return, noting that the industrial sector cannot be considered an independent sector, but an enabler of other several sectors.

The strategy has different targets, most important of which is increasing the industrial GDP three times, luring investments worth over SAR 1.3 trillion and doubling the value of non-oil exports to SAR 560 billion.

The strategy focuses on quality industries, the minister said, adding that the Kingdom will rely on building national industrial capacities to ensure the supply of food, industrial and military needs. The country also aims to engage in industries with high added value, starting from petrochemicals to mining industries, in addition to investing in the industries of the future to secure leading position globally.

As for the technical field, AlKhorayef said investing in the Fourth Industrial Revolution will enable the Kingdom to make breakthroughs, which some countries failed to achieve.

Elsewhere, the minister said these trends do not crowd out national capabilities and will not be at the expense of some citizens.

The real investments will be in the local and international private sector, as the private sector was a key partner in building the strategy, AlKhorayef said, adding that the team cooperated with more than 300 corporate officials in this regard.

He added that the Kingdom will seek to bring the aluminum industry into advanced industries such as aircraft, noting that water desalination sector is promising, as the state is qualified to be at the forefront of countries in this field, based on local needs.

Commenting on traditional industries, the minister said the strategy will focus on traditional sectors, through increasing quantities, and transforming them into manufacturing industries to benefit from the Kingdom's position.