São Paulo – Saudi Arabia launched a national industry strategy aimed to increase the number of factories from 10,640 at present to 36,000 by 2035, Arab News reported on Wednesday (19) based on information from the country’s state news agency, SPA. Saudi crown prince Mohammed bin Salman presented the plan.
The Saudi strategy focuses on 12 sub-sectors, while identifying more than 800 investment opportunities that contribute to achieving economic diversification and sustainable growth, developing domestic product and non-oil exports, particularly high-tech products.
The Arab country is seeking to triple manufacturing gross domestic product (GDP) by 2030, increase the industrial exports value to SAR 557 billion (USD 148.34 billion), increase the total additional investments in the sector to SAR 1.3 trillion (USD 346 billion), increase exports of advanced technology products by about six times, and create tens of thousands of high-quality jobs.
The prince said that Saudi Arabia has all the capabilities to reach a competitive and sustainable industrial economy, including ambitious young talents, a distinguished geographical location, rich natural resources, and leading national industrial companies. The strategy seeks to empower the private sector by investing in promising new technologies.
Translated by Guilherme Miranda
