Saudi Arabia Invites Global Industry Leaders To Participate In The 2024 Multilateral Industrial Policy Forum In Riyadh

The Ministry of Industry and Mineral Resources, alongside the United Nations Industrial Development Organization (UNIDO), held a pre-launch event in New York to announce the 2024 Multilateral Industrial Policy Forum (MIPF). This forum is scheduled for October 23-24, 2024, in Riyadh. Additionally, plans were revealed to host the 21st General Conference of UNIDO in Riyadh in 2025.

Key officials attended the event, including Faisal Alibrahim, Minister of Economy and Planning; Abdullah Alrabeeah, Supervisor General of King Salman Humanitarian Aid and Relief Centre; and Jasem Albudaiwi, Secretary General of the GCC. These leaders represent significant sectors within Saudi Arabia's industrial and mining landscape.

Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, welcomed global industry leaders at the event. He highlighted Saudi Arabia's transformation under Vision 2030, focusing on economic diversification and new sector development. The minister stressed the importance of expanding both emerging and existing industries.

Alkhorayef emphasized that industrial and mining sectors are crucial for achieving a diversified economy. He pointed out that these sectors are integral to Saudi Arabia's strategy for building a resilient economy. The minister also highlighted Saudi Arabia's proactive approach to addressing global industrial challenges.

The minister noted that Saudi Arabia's strategies aim to support national growth while tackling global issues. Supply chain challenges and energy transitions were identified as areas where Saudi Arabia can lead with solutions. A strong commitment to human capital development drives these efforts.

Alkhorayef reiterated that advancing industrial sectors requires significant workforce investment. He stressed that integrating technology and innovation is essential for sector growth, aligning with global industrial trends. This approach supports the Kingdom's broader economic goals.

Ambitious Economic Goals

Looking ahead to Vision 2030, Alkhorayef shared ambitious targets for tripling the industrial sector's GDP contribution to approximately USD 241 billion by 2030. Saudi Arabia has already attracted USD 144 billion in foreign investment and aims to expand industrial exports to around USD 150 billion by 2030.

The minister highlighted these figures as evidence of Saudi Arabia's commitment to building a globally competitive industrial sector. This growth will benefit the national economy and contribute significantly to international trade.

Global Leadership in Trade

Saudi Arabia's transformation is driven by substantial investments in its people and infrastructure—both physical and digital. These investments position the Kingdom as a global leader in trade, an industrial powerhouse, and a key logistical hub for the region.

By aligning policies with international standards and addressing global challenges, Saudi Arabia aims to shape future industrial development. The minister encouraged industry leaders to attend the MIPF in Riyadh on October 23-24, 2024.

MIPF Forum Highlights

The MIPF will feature prominent ministers and leaders discussing various topics related to global industrial policy challenges. Collaboration with international partners will be explored to propose innovative solutions using clean energy in industry while highlighting best practices for supply chain resilience.

The forum will also focus on advanced digital manufacturing technologies like artificial intelligence. These discussions aim to enhance understanding of how technology can drive future industrial growth globally.

Saudi Arabia secured hosting rights for the 21st General Conference of UNIDO after a unanimous decision by its 172 member states at the end of 2023. This event underscores Saudi Arabia's growing influence in shaping international industrial policies.

With inputs from SPA