RIYADH:March 1 (RAHNUMA) Up to 15 new factories for modern technologies are set to be built in Saudi Arabia, according to the Deputy Minister for Industry and Mineral Resources.
Speaking as part of a dialogue session at the third edition of the International Engineering Conference and Exhibition, Osama Al-Zamil said three of the new plants will be advanced factories for vital medicines and medical vaccines, four for assembling aircraft components, and eight for metal forming.
The announcement comes as the national strategy for industry is seeking to boost the number of factories in the Kingdom to 36,000 factories by 2035, the deputy minister said.
Giving more details of the overarching plan, he added that it aims to produce up to 800,000 tons of specialized chemicals, and further boost exports of advanced technology products six-fold.
The industrial domestic product is set to double to SR895 billion ($238 billion), with the value of industrial exports earmarked to grow 100 percent to reach SR577 billion.
Over and above this, the plan aims to diminish the deficit in the industrial trade balance by as much as 80 percent, bringing the total value of additional investments in the sector to SR1.3 trillion, he explained.
Among the other goals and objectives of the strategy is to offer 800 investment opportunities worth SR1 trillion, the deputy minister said.
Some15 industrial prospects have been identified in Saudi Arabia across four potentials: building and bolstering supply chains with global standards, developing the industrial business environment, enhancing the Kingdom’s international trade, and developing as well as promoting a culture of innovation and knowledge.
At the launch of the strategy last year, Saudi Arabia’s Crown Prince Mohammed bin Salman said: “We have all the capabilities to reach a competitive and sustainable industrial economy, including ambitious young talents, a distinguished geographical location, rich natural resources, and leading national industrial companies.”
“Through the national industry strategy and in partnership with the private sector, the Kingdom will become a leading industrial power that contributes to securing global supply chains, and exporting high-tech products to the world,” he added.