The second day of the Multilateral Industrial Policy Forum, held in the Saudi capital, Riyadh, witnessed the signing of a number of strategic partnerships between governments, international institutions and major companies; with the aim of enhancing cooperation in industrial fields, as these partnerships come within the framework of joint efforts to develop sustainable industrial policies and stimulate global economic growth, through the adoption of modern technologies.

The sessions of the second day focused on addressing important issues, especially enhancing environmental sustainability in industry, supporting innovation to improve productivity in the sector, as well as how to address the challenges resulting from economic fluctuations and global supply chains.

A part of the attendance of the Multilateral Industrial Policy Forum in Riyadh (Saudi Ministry of Industry)

Sustainable Manufacturing

The sessions of the second day of the forum, affiliated with the United Nations Industrial Development Organization (UNIDO), which is organized by the Ministry of Industry and Mineral Resources in Riyadh, during the period 23-24 October, reviewed a set of topics that focus on the Kingdom’s journey in the national industrial strategy and the industrial ecosystem, highlighting the role of digitization and artificial intelligence in sustainable manufacturing.

The sessions also discussed quality infrastructure and industrial policies to overcome trade-offs, while discussions touched on developing green policies in the heavy industries sector, in addition to reviewing sustainable supply chains and relying on clean energy.

During one of the sessions, the stages of building and developing the industrial ecosystem in the Kingdom were reviewed, which represents the cornerstone for achieving the desired economic diversification in “Vision 2030”.

The focus was on the Kingdom’s efforts to transform gas into high-value products and link them to global value chains, by strengthening international partnerships and investing in infrastructure.

From the exhibitions accompanying the “Multilateral Industrial Policy Forum” (Middle East)

Ecosystem

In addition, participants pointed out, during one of the sessions, the role of major industrial cities, such as Jubail (eastern Saudi Arabia), in driving industrial growth, in addition to the contribution of relevant parties such as national bodies, in enabling this transformation.

They also stressed the importance of integration between different parties under the umbrella of the industrial ecosystem, which enabled the Kingdom to enhance its global position in the petrochemical sector, as the Kingdom now occupies more than 70 percent of this market, and continues to export its products to many countries around the world, making it a leading industrial and logistical center on the global level.

The participants touched on the importance of partnership between the public and private sectors in achieving the Kingdom’s industrial goals.

In a related context, Tunisian Minister of Industry, Mines and Energy Fatima Thabet stressed that the forum represents an opportunity to learn about areas of industrial integration between countries.

Bilateral meetings

On the other hand, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef discussed with Guinean Prime Minister Amadou Ouri Bah opportunities to enhance industrial and mining cooperation between the two countries.

Alkhorayef also discussed, during bilateral meetings with Palestinian Minister of Industry Arafat Asfour, Tunisian Minister of Industry Fatima Thabet, and Pakistani Minister of Industry Rana Hussain, enhancing joint cooperation in the industry and mining sectors.

The meetings reviewed the Kingdom’s unique investment opportunities in the industrial sector, and the investment climate it enjoys that encourages foreign investors.