Abdullah Al Alami
January 31, 2021
On January 28, 2020, Saudi Crown Prince Mohammed bin Salman inaugurated the National Industrial Development and Logistics Program.
The program
aims to promote the sustainability of the Saudi economy and transform the
Kingdom into a leading industrial powerhouse. By 2030, the program aims to
increase the contribution of its four sectors: industry, mining, logistics, and
energy. We are talking about stimulating investments of more than 1.7 trillion
riyals, raising the volume of non-oil exports to more than 1 trillion riyals,
as well as developing the labor market by creating 1.6 million new jobs.
For the
first time, in the kingdom's history, a multi-sector integration development
program is designed to develop quality industries and promote non-oil exports.
Other objectives include reducing imports, raising new contributions to the
kingdom's GDP, and attracting foreign investments.
Saudi Arabia
has realized that development begins with a solid structure on which new
projects are based. In this sense, the state was keen to motivate the private
sector to participate in development projects, signing 37 agreements and
memorandums of understanding, and announcing 29 other agreements. It's not just
plans, programs, slides, and colorful drawings, but rather making sure transforming
the kingdom into a leading industrial powerhouse and a global logistics
platform.
In 2020, the
Ministry of Commerce issued more than 20 regulations to improve the business
environment and facilitate the start and business practices, in accordance with
a legal framework that improves the Kingdome's competitiveness. In addition,
Saudi Arabia has announced an extension of the initiative to abolish fines for
taxpayers for an additional six months as an initiative to mitigate the
economic impact on the private sector as a result of the spread of the CORONA
virus.
The number
of Saudis in the private sector increased by 49,000 in 2020 despite the corona
pandemic, which has affected employment around the world. "Made in
Saudi Arabia" is not only the responsibility of the state but also
the credibility and reliability of businessmen.
The National
Industry Development Program did not come out of nowhere, but rather one of the
13 most important and largest programs in The Kingdom Vision 2030 Program in its
expected impact on the Saudi economy. The state is keen to encourage all sectors
to participate in the country’s development projects.
I hope that
businessmen will move out of their seats, as the state has increased the efficiency of public spending and offered 65 investment opportunities with
lucrative returns of nearly 80 billion riyals. It has also increased the
efficiency of the use of resources and has organized meetings between those
involved in investment opportunities and private sector institutions who wish
to invest.
This is
Saudi Arabia, developing plans, preparing initiatives, and translating them
into development projects in accordance with the best international standards
and practices.
*Saudi
writer
