Saudi Arabia will host the Multilateral Industrial Policy Forum affiliated with UNIDO in October

The UN Industrial Development Organisation (UNIDO)-affiliated Multilateral Industrial Policy Forum (MIPF) 2024 will be held in October in Saudi Arabia. Experts and worldwide decision-makers will convene at the event to talk about innovation, industrial development, and expanding international industrial sectors. 

The National Industrial Strategy's 12 key industrial sectors will be the focus of this hosting, which is being organised by the Ministry of Industry and Mineral Resources and is per the Kingdom's efforts to promote industrial growth and diversify its economy.

Saudi Arabia has bolstered international collaboration to improve knowledge and technology transfer while making large investments in industrial infrastructure, including industrial cities and special economic zones. 

As part of its plan to create over 300,000 automobiles annually by 2030, Saudi Arabia established the first electric vehicle production plant, "Lucid," and granted a licence for its first electric car brand, "Seer," in 2023. In order to support the expansion of the industrial sector and meet the aims of the National Industrial Strategy, it is imperative to attract investments from the private sector.

In July 2022, the Ministry of Industry started the Future Factories Program, which aims to automate 4,000 factories using technology from the Fourth Industrial Revolution. The program's objectives are to improve the competitiveness and quality of the country's industries and expand Saudi Arabia's non-oil exports to foreign markets. 

The Ministry also developed executive rules and started implementing them, as well as introducing the Industrial Sector Competitiveness Program and implementing the unified industrial organisation for the GCC nations.

About 3,000 industry leaders, including CEOs, decision-makers, industry specialists, and experts in the development of industrial policies, are expected to attend the second edition of MIPF 2024, which will be held in Riyadh under the theme “Transforming Challenges into Sustainable Solutions through Industrial Policies."