Advanced technical products' exports targeted for 6 times increase
The Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil said the National Strategy for Industry aims to increase the exports of advanced technical products by about 6 times.
The National Strategy also aims to establish 15 factories for modern technologies and Internet of Things sensors, in addition to producing 800,000 tons of specialized chemicals.
During participating in a dialogue session at the third edition of the International Engineering Conference and Exhibition, Eng. Al-Zamil added that the national strategy is targeting to triple the industrial GDP, to reach SR895 billion.
It also aims to double the value of industrial exports to SR557 billion, reduce the deficit in the industrial trade balance by more than 80%, and as well as reaching investments in the sector worth SR1.3 trillion.
The strategy has identified 15 industrial sectors in Saudi Arabia that was included within 4 main sector, most notable are: building and enhancing the supply chains with international standards, strengthening the global trade for the Kingdom, developing and enhancing the culture of innovation and knowledge.
Eng. Al-Zamil said that the initiatives of the National Strategy for Industry distributed into 3 paths, and they are: Enabling initiatives for the industrial sector, which are concerned with creating an industrial environment for investors, and also to simplifying construction-related policies. Moreover, developing initiatives for 12 industrial activities, such as food, medicine, medical equipment, marine industries, and others.
He said that the strategic aim is to increase the number of factories to 36,000 factories by 2035, of which 3 advanced factories for vital medicines and medical vaccines, 4 factories for assembling aircraft components, 8 factories for metal forming, as well as to its target in offering more than 800 investment opportunities worth SR1 trillion.
Eng. Al-Zamil noted that the Ministry attaches utmost importance to the engineering professions, due to its fundamental pillar in industry and mining.
During participating in a dialogue session at the third edition of the International Engineering Conference and Exhibition, Eng. Al-Zamil added that the national strategy is targeting to triple the industrial GDP, to reach SR895 billion.
It also aims to double the value of industrial exports to SR557 billion, reduce the deficit in the industrial trade balance by more than 80%, and as well as reaching investments in the sector worth SR1.3 trillion.
The strategy has identified 15 industrial sectors in Saudi Arabia that was included within 4 main sector, most notable are: building and enhancing the supply chains with international standards, strengthening the global trade for the Kingdom, developing and enhancing the culture of innovation and knowledge.
Eng. Al-Zamil said that the initiatives of the National Strategy for Industry distributed into 3 paths, and they are: Enabling initiatives for the industrial sector, which are concerned with creating an industrial environment for investors, and also to simplifying construction-related policies. Moreover, developing initiatives for 12 industrial activities, such as food, medicine, medical equipment, marine industries, and others.
He said that the strategic aim is to increase the number of factories to 36,000 factories by 2035, of which 3 advanced factories for vital medicines and medical vaccines, 4 factories for assembling aircraft components, 8 factories for metal forming, as well as to its target in offering more than 800 investment opportunities worth SR1 trillion.
Eng. Al-Zamil noted that the Ministry attaches utmost importance to the engineering professions, due to its fundamental pillar in industry and mining.