RIYADH — Saudi Arabia will host the Multilateral Industrial Policy Forum (MIPF) 2024, affiliated with the United Nations Industrial Development Organization (UNIDO), in October. The event will bring together experts and decision-makers from around the world to discuss industrial development, innovation, and enhancing global industrial sectors. Organized by the Ministry of Industry and Mineral Resources, this hosting aligns with the Kingdom's initiatives to drive industrial development and diversify its economy, focusing on 12 strategic industrial sectors outlined in the National Industrial Strategy. Saudi Arabia has significantly invested in industrial infrastructure, including industrial cities and special economic zones, while strengthening international cooperation to enhance knowledge and technology transfer. In 2023, Saudi Arabia issued a license for its first electric car brand, "Seer," and opened the first electric vehicle manufacturing factory, "Lucid," as part of its goal to produce over 300,000 cars annually by 2030. Attracting private sector investments is crucial to achieving the National Industrial Strategy's targets, with efforts to boost the industrial sector's growth. The Ministry of Industry launched the Future Factories Program in July 2022 to transform 4,000 factories through automation and Fourth Industrial Revolution technologies, aiming to enhance the competitiveness and quality of national industries and increase Saudi non-oil exports worldwide. Additionally, the Ministry introduced the Industrial Sector Competitiveness Program and implemented the unified industrial organization for GCC countries, developing executive regulations and commencing their implementation. Targets for 2024 and 2025 include attracting investments to reach a total volume of SR451 billion by 2025, adding 1,500 products to the local content mandatory list, raising the industrial sector's contribution to non-oil GDP to SR412 billion, and increasing non-oil exports to more than SR300 billion. The second edition of MIPF 2024, hosted in Riyadh under the theme "Transforming Challenges into Sustainable Solutions through Industrial Policies," will see the participation of around 3,000 industry leaders, including decision-makers, CEOs, industry specialists, and experts in industrial policy development.
