Saudi Arabia to Host the Multilateral Industrial Policy Forum in October 2024
RIYADH, Saudi Arabia, Oct. 10, 2024 /PRNewswire/ -- The Kingdom of Saudi Arabia is reinforcing its strategic partnership with the United Nations Industrial Development Organization (UNIDO) to support sustainable and inclusive industrial development. This collaboration aligns with the United Nations Sustainable Development Goals for 2030. As part of its ongoing efforts, the Kingdom aims to bridge the development gap between nations and boost industrial competitiveness. This partnership will also focus on stimulating investment and adopting advanced technologies in key industrial sectors.
UNIDO: A Key Partner in Addressing Industrial Challenges
Despite the Kingdom's launch of various national strategies and initiatives to enhance the industrial sector and the overall economy, the sector still faces several operational challenges, such as diversifying industrial activities, improving local practices, increasing integration with global value chains, developing human capital, promoting localization, achieving sustainable sector growth, upgrading infrastructure, and adopting modern technologies.
Areas for Future Cooperation with UNIDO
UNIDO plays a significant role as an international organization providing technical cooperation and knowledge-based assistance through consultations, policies, and joint initiatives to overcome the challenges facing the development of the Kingdom's industrial sector. Eight critical areas for future cooperation with UNIDO have been identified, such as developing policies and aligning them with global standards, enhancing institutional capacity for timely political decision-making, and facilitating foreign investment by promoting technology, innovation, partnerships, and advanced technology transfer.
Enhancing Industrial Development in the Kingdom
The Kingdom is keen to achieve sustainable industrial development aligned with Vision 2030 by implementing various policies and initiatives focusing on diversifying the national economy and reducing reliance on oil. This collaboration with UNIDO aims to accelerate digital transformation in the industry, develop human capital, and strengthen integration with international markets to achieve a significant leap in the quality of national industries and increase the sector's attractiveness to local and international investors.
The Kingdom Set to Host the Industrial Policy Forum
The Kingdom is preparing to host the Multilateral Industrial Policy Forum, providing a dynamic environment for exchanging ideas and experiences with industry leaders and experts worldwide. The forum aims to develop effective and innovative industrial policies that keep pace with global sector developments. It also seeks to strengthen international cooperation to support sustainable industrial development and drive industrial growth, considering local and international challenges.
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SOURCE Ministry of Industry and Mineral Resources, Saudi Arabia
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