Industry with Independent Title
The Saudi industry has now become with an independent title, a specific vision, and an endless renewed ambition, after Saudi Arabia's Ministry of Industry has started its duties, in implementation of the royal decree issued last August, to establish an independent ministry of industry, to take on powers, functions, and responsibilities related to the two sectors of industry and mineral wealth.
Very earlier, Vision 2030 realized that industry is one of the most important elements for economic and social progress and prosperity; for no other reason than that it makes raw materials more appropriate to human requirements and needs and increase their well-being.
In addition, industry is able to raise the level of economic life of the Kingdom and its citizens, increase national income, employ manpower, reduce unemployment and invest in the State's resources.
Hence, the Vision has worked on the rapid and elaborate advancement of the sector, so the royal order has come to separate industry from the Ministry of Energy into an independent ministry.
It is a step that paves the way for the establishment of a developed and prosperous industrial sector that is capable of contributing at least 20 percent of the Kingdom's national income, the rate that the industrial sectors in developed countries have attained.
It can be emphasized that the Ministry of Industry’s starting of its powers will be the borderline between two eras.
In the first era, the industrial sector did not play the role required in the development of the Saudi economy during the past decades, because of the so many obstacles and challenges on its way, a matter which confused the sector and restricted its launch.
As for the second era, its features appeared clear and hopeful, after the new ministry prepared "early" for the requirements of the next stage, as if it decided not to waste time to get involved directly into the work programs of Vision 2030.
It announced that it would continue to work on implementing the initiatives of the National Industrial Development and Logistics Program (NIDLP) in order to transform the Kingdom into a leading industrial and mining power, and a global platform for logistical services, support for promising sectors, enable the private sector to play its role in the industrial and mining development, address challenges facing investors in the industrial sector, and maximize the added value of mineral wealth throughout the Kingdom.
The most important thing that the Ministry of Industry announced and bet on is to support export operations, in an effort to open up to global markets, so that Saudi products would become an important number in the international economic system.
This is a major goal of the Vision, which the Kingdom has been keen to achieve and support through the terms of the agreements it signed with major countries, and included technology transfer, indigenization of military and other industries.