The Chairman of Asharqia Chamber: The national strategy for the industry is a new turning point in the sustainability of the sector and the promotion of its growth
The Chairman of Asharqia Chamber Badr bin Suleiman Al-Raziza said that the national strategy for the industry, which was announced on Tuesday, October 18, 2022 AD, by His Highness the Crown Prince and Prime Minister, His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, increases the flexibility and competitiveness of the industrial sector and gives it additional spaces to harmonize industrial trends. It also constitutes a new turning point in the sector’s sustainability process, promoting its investment growth, and an additional impetus to the Kingdom’s Vision 2030, as it paves the way for more than 800 investment opportunities worth one trillion riyals.
Al-Raziza stressed that the strategy is a launch for a new era in the industrial sector in which the private sector is working towards a broader and larger partnership in building a vibrant and sustainable economy, extending his thanks and appreciation and all industrial investors to His Highness the Crown Prince for launching this industrial strategy and other programs and independent ministerial entities and stimulating initiatives The industrial sector, which resulted in significant growth of the industrial sector in the Kingdom, both in terms of the number of factories, which amounted to more than ten thousand factories until this year, or in terms of its contribution to the gross domestic product of nearly 340 billion riyals.
Al-Raziza indicated that targeting the strategy to bring the number of the Kingdom’s factories to 36,000 by 2035 AD, which means doubling their number by more than 3 times the number of factories currently, which represents a great opportunity for the business sector that requires working to direct part of its strategic plans to expand in the areas of investment Multiple industrial sectors, in response to the expected needs, pointing out that the strategy, including the formation of a higher committee for industry and a council for the industry with the participation of the private sector, supports the vision’s aspirations to achieve economic diversification and increase the proportion of the industrial sector in the GDP, as well as open the way for industrial investors to be involved in policy development processes And making decisions that positively benefit the industry in the Kingdom.
Al-Raziza explained the importance of expanding the industrial sectors in the country, as it provides strong support for the national economy, and maximizes its global presence, in addition to the many investment options it includes, characterized by its rapid ability to grow, noting that the industrial sector, with its diversity and as the locomotive of economic and social development, is An essential pillar in supporting our national choices by diversifying the sources of the national economy and achieving our development goals by Vision 2030.
