NEW YORK — Saudi Arabia has invited global industry leaders to participate in the 2024 Multilateral Industrial Policy Forum (MIPF), scheduled for Oct. 23-24, 2024, in Riyadh. The announcement came during a pre-launch event organized by the Ministry of Industry and Mineral Resources in collaboration with UNIDO, held in New York. The event also showcased Saudi Arabia's plans to host the 21st General Conference of UNIDO in 2025, which will gather industry ministers and leaders in industrial transformation from around the world, along with officials from Saudi Arabia's industrial and mining sectors. Key officials in attendance included 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. In his opening remarks, Minister of Industry and Mineral Resources Bandar Alkhorayef welcomed industry leaders globally and highlighted the significant transformation underway in the Kingdom under Vision 2030. He emphasized Saudi Arabia's commitment to economic diversification and the development of new sectors, particularly in industry and mining, which are crucial for achieving a resilient economy. Alkhorayef noted Saudi Arabia's proactive approach to global industrial challenges, particularly in supply chain and energy transitions. He reiterated that advancing the Kingdom's industrial sectors requires substantial investment in its workforce, with a strong focus on technology and innovation. Looking towards Vision 2030, the Minister outlined ambitious goals to triple the industrial sector's contribution to GDP, targeting around $241 billion by 2030. He mentioned that Saudi Arabia has already attracted $144 billion in foreign investment and aims to expand industrial exports to approximately $150 billion by the same year, showcasing the Kingdom's dedication to building a competitive industrial sector. Alkhorayef also urged industry leaders to attend the MIPF, where discussions will focus on global industrial policy challenges, collaboration for innovative solutions, and the role of clean energy in industry. The forum will highlight best practices for enhancing supply chain resilience and advanced digital manufacturing technologies, including artificial intelligence. Notably, Saudi Arabia was awarded the bid to host the 21st General Conference of UNIDO in 2025, a decision unanimously supported by the organization's 172 member states at the end of 2023.
