Riyadh, Saudi Arabia – Saudi Crown Prince Mohammed bin Salman launched National Industrial Strategy on Tuesday, which seeks to increase the country’s industrial exports to 557 billion riyals by 2030 ($148.34 billion), the country’s state news agency, SPA, reported.
The strategy aims to diversify the kingdom’s economy and increase GDP and non-oil exports by promoting industry and attracting investment.
Moreover, the SPA added, the strategy will add 1.3 trillion riyals ($346.21 billion) to the total additional investment in the sector.
“Through the National Industrial strategy and in partnership with the private sector, the kingdom will become a leading industrial powerhouse that contributes to securing global supply chains and exports high tech products to the world,” the agency said, quoting Prince Mohammed.
The policy also intends to raise the number of factories in the kingdom from 10,640 at the moment to 36,000 by 2035, the SPA added.