Saudi Minister of Energy: We have wasted 40 years and we have decided not to waste any more time on industrial strategy

Saudi Energy Minister Prince Abdulaziz bin Salman said the national strategy for the industry launched by the Kingdom is a joint collective action and that the era of ministries working individually in the Kingdom is over.

Prince Abdulaziz bin Salman stated, in statements within the “A nation that does” event, “We wasted 40 years in which we could have been like India and China in the field of industry, but we decided not to waste any more time with this new strategy for industry “.

He stressed that the success of the industry depends on the availability of reliable and competitive energy and that the Kingdom’s resources are manifold, including solar energy.

“We are proud to be in a country in we feel that what we say will be implemented and no one will be able to compete with us in the ability to produce solar energy in particular”.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince of Saudi Arabia, prime minister and chairman of the Council for Economic and Development Affairs, launched the national strategy for the industry on Tuesday evening, 18 October 2022, which aims to reach an economic industrial sector that attracts investments that contributes to the achievement of economic diversification, developing the domestic product and non-oil exports, in in line with the objectives of Saudi Vision 2030.

The National Industry Strategy focuses on 12 subsectors to diversify the Kingdom’s industrial economy, while identifying over 800 investment opportunities worth 1 trillion Saudi riyals, to build a new chapter of sustainable growth for the sector , in order to achieve ambitious economic returns for the Kingdom by 2030, including: doubling the industrial domestic product by 3 times and doubling the value of industrial exports to reach 557 billion Saudi riyals.

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