Industrial foreign investment licenses
The Kingdom's Vision 2030 came to draw a road map for developing the national economy and diversifying and developing sources of income.
Industry is one of the most important economic tributaries in this vision, as it is planned that the contribution of the industrial and mining sectors will exceed 15% of the gross domestic product by the year 2020.
The industry in the Kingdom was not born of the moment, but was built on a legacy extending for many decades, starting with the phase that coincided with the discovery of oil, which is considered the basic foundation upon which the modern industry in the Kingdom was built, as the development process in the industrial sector began its first steps after the discovery of oil and its export in quantities. Commercial, thanks to oil revenues and their role in improving and directing economic conditions
The industry in the Kingdom was not born of the moment, but was built on a legacy extending for many decades, starting with the phase that coincided with the discovery of oil, which is considered the basic foundation upon which the modern industry in the Kingdom was built, as the development process in the industrial sector began its first steps after the discovery of oil and its export in quantities. Commercial, thanks to oil revenues and their role in improving and directing economic conditions
The prosperous reign of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, may God protect him, witnessed many development leaps that illuminated and continue to illuminate the industrial renaissance process of our country. The Kingdom’s Vision 2030 came in 2016. To serve as a correction to the economic path in the Kingdom, the industry sector was included in the energy and mineral resources sector, as a royal order was issued to amend the name of the Ministry of Petroleum and Mineral Resources to become (the Ministry of Energy, Industry and Mineral Resources), and the number of Saudi factories reached 7741 factories, while the number of workers in the Factories employ more than a million workers, and in a step that confirms reliance on the industrial and mining sectors as important economic sources, a royal order was issued to And localizing it to form the cornerstone of diversifying sources of income as stated in Vision 2030, and the fruits of this are the number of factories in the Kingdom exceeding 10,000 factories this year 2021.
establish an independent ministry under the name (Ministry of Industry, Wealth and Minerals), to reflect the extent of interest in developing the industry.
In 2020, the National Strategy for Industry adopted by the Council of Ministers adopted the slogan: (Towards a competitive industry and a knowledge-based economy), which aims to diversify the industrial and economic base, and protect the national economy from global fluctuations in oil prices and revenues, in a way that ensures stability and balanced growth for all economic indicators. This was confirmed by Vision 2030 and the National Transformation Program through partnerships with the private sector.
The launch of the National Industrial Development and Logistics Services Program, one of the Kingdom’s Vision 2030 programs, is one of the most important developments in recent times, as the program aims to transform the Kingdom into a leading industrial power and an international logistics platform in a number of promising fields, by generating job opportunities for Saudi citizens, enhancing the trade balance, Maximizing local content, providing the required financing, developing infrastructure and industrial lands, expanding the application of digitization procedures, localizing industry-specific technologies, and adopting Fourth Industrial Revolution technologies, which will contribute to the transition towards a knowledge economy.
Like all other activities, Saudi industry is a natural product of the development of the economy and the expansion of its activities. It has now kept pace with industries in countries deeply rooted in history, and sometimes even surpassed them. Over the decades, the industry has contributed to providing many job opportunities for various segments of society. It has also been able to meet the local need in A number of products, and went beyond export to many global markets, and many activities emerged in which the Kingdom recorded remarkable distinction, such as the petrochemicals sector, metals, as well as the food industries. Today, the national industry occupies a good position in the pharmaceutical industries, medical supplies, and other sectors that efforts are continuing to localize them, including It achieves health security for the nation.
The actions of the Ministry of Industry and Mineral Resources come from the objectives of the Kingdom’s Vision 2030, which aims to encourage industrial investments by providing an attractive and stable industrial environment that enhances the competitiveness of the industrial sector locally and internationally, increases the value of local content, and supports locally manufactured products in their various forms, thus enhancing their size and increasing their exports. The industrial renaissance - God willing - will have a major role in the advancement of the Saudi economy and its global competitiveness in the future, God willing.
