Saudi Arabia launches National Industry Strategy that aims to triple output by 2030

Saudi Arabia launched a new National Industry Strategy on Tuesday that aims to triple industrial output and increase the value of the kingdom's industrial exports to about $149 billion by 2030.

The strategy aims to attract investment into the sector, boost economic diversification, increase non-oil exports and grow the kingdom's gross national product, state-run news agency SPA said on Tuesday.

The new programme identifies 800 investment opportunities worth $266.2bn to provide sustainable economic returns for the kingdom by 2030.

"Through the National Industry Strategy and in partnership with the private sector, the kingdom will become a leading industrial force, contributing to securing global supply chains and exporting high-tech products to the world," said Saudi Crown Prince Mohammed bin Salman, who launched the strategy.

"We have all the enablers to become a competitive and sustainable industrial economy."

In September, business activity in the non-oil private sector economy of Saudi Arabia continued to improve as output and new orders rose sharply on robust demand, despite inflation concerns and global macroeconomic headwinds, according to the S&P Global purchasing managers’ index.

Read More : https://www.thenationalnews.com/business/economy/2022/10/19/saudi-arabia-launches-national-industry-strategy-that-aims-to-triple-output-to-149bn/