The Kingdom of Saudi Arabia is set to enhance its strategic partnership with the United Nations Industrial Development Organization (UNIDO) by hosting the Multilateral Industrial Policy Forum in October 2024. This significant event underscores the Kingdom’s commitment to promoting sustainable and inclusive industrial development, aligning with the United Nations Sustainable Development Goals for 2030.
Strengthening Partnerships for Sustainable Development
As part of its ongoing efforts, Saudi Arabia aims to bridge the development gap between nations while boosting industrial competitiveness. This collaboration focuses on stimulating investment and adopting advanced technologies in critical industrial sectors. By engaging with UNIDO, the Kingdom seeks to leverage its expertise to tackle various industrial challenges effectively.
Addressing Industrial Challenges
Despite launching multiple national strategies and initiatives to enhance its industrial sector and overall economy, the Kingdom faces several operational challenges. These include diversifying industrial activities, improving local practices, enhancing integration with global value chains, developing human capital, promoting localization, and upgrading infrastructure. Furthermore, there is a pressing need to adopt modern technologies to achieve sustainable growth.
Future Cooperation with UNIDO
UNIDO plays a pivotal role as an international organisation, offering technical cooperation and knowledge-based assistance through consultations, policies, and joint initiatives. The partnership aims to identify eight critical areas for future cooperation, including developing policies aligned with global standards, enhancing institutional capacity for timely political decision-making, and facilitating foreign investment through technology promotion and innovation.
Advancing Industrial Development in the Kingdom
The Kingdom is determined to achieve sustainable industrial development in alignment with Vision 2030. This involves implementing various policies and initiatives aimed at diversifying the national economy and reducing reliance on oil. Collaboration with UNIDO will expedite digital transformation in the industrial sector, develop human capital, and strengthen integration with international markets. These efforts are expected to enhance the quality of national industries and increase the sector’s attractiveness to both local and international investors.
Hosting the Industrial Policy Forum
Saudi Arabia is preparing to host the Multilateral Industrial Policy Forum, which will serve as a dynamic platform for exchanging ideas and experiences with industry leaders and experts from around the globe. The forum’s objective is to develop effective and innovative industrial policies that respond to global sector developments. Additionally, it seeks to strengthen international cooperation to support sustainable industrial development and drive growth, taking into account both local and international challenges.