During an Event Held in New York in Partnership with the United Nations Industrial Development Organization (UNIDO), Saudi Arabia Called on Global Industry Leaders to Participate in the 2024 Multilateral Industrial Policy Forum (MIPF)

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Today, the Ministry of Industry and Mineral Resources, in collaboration with?UNIDO, organized a pre-launch event in New York to announce the upcoming 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 official including H.E. Faisal Alibrahim, Minister of Economy and Planning; H.E. Abdullah Alrabeeah, Supervisor General of King Salman Humanitarian Aid and Relief Centre; and H.E. 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 transformation 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 both emerging and existing industries, with a particular focus 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 not only to support national growth but to address critical global issues. The Minister pointed to supply chain and energy transitions challenges as key areas where Saudi Arabia can play a leading role in providing solutions.

Driving these efforts is a strong 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 innovation is central to the growth of these sectors, aligning with global trends in industrial development.

Looking towards the Kingdom's Vision 2030, H.E. Alkhorayef shared the Kingdom's ambitious goal of tripling the industrial sector's contribution to the GDP, targeting around $241 billion USD by 2030. He noted that Saudi Arabia has already attracted $144 billion USD in foreign investment and aims to achieve further growth by expanding industrial exports to around $150 billion USD by 2030. These figures reflect the Kingdom's commitment to building a globally competitive industrial sector that will not only benefit the national economy but also 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, which will feature 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 industry while highlighting global best practices for enhancing supply chain resilience and advanced digital manufacturing technologies, including artificial intelligence.

Saudi Arabia's opportunity to host this forum underscores its commitment to fostering industrial development worldwide.
Ministry of Industry and Mineral Resources
Saudi Arabia

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