Arab News, Tue, Aug 13, 2024 | Safar 9, 1446
Saudi Industry Ministry boosts non-profit sector with new services
Saudi Arabia:
Saudi Arabia has enhanced the role of the non-profit sector in its
industrial and mining fields by introducing new electronic services and a
detailed operational plan for 2024.
The Ministry of Industry and Mineral Resources
unveiled the new project, highlighting six major objectives to strengthen the
non-profit sector’s contribution.
Among these goals include improving workforce
skills, increasing domestic investments, expanding non-oil industrial exports,
and providing a range of supportive services, according to an official release.
The Kingdom is actively pursuing an expansive
industrial and economic transformation under its Vision 2030 framework, which
aims to diversify the economy away from oil dependency.
The National Industrial Strategy, launched in
2022, plays a crucial role in this transformation, focusing on enhancing
industrial capabilities, increasing domestic production, and fostering
sustainable economic growth.
The new electronic services, detailed on the
ministry’s website, include applications for establishing non-profit
organizations and requesting the transfer of technical supervision to these
entities.
The ministry currently oversees five key
non-profit associations, including the Pharmaceutical Industry Association, the
Supply Chain and Procurement Society, and the Industrial Exporters Association.
It also supervises the Industrial Loss Prevention
and Risk Mitigation Association and the Automotive Manufacturers Association.
These organizations play a critical role in
advancing the industrial and mining sectors through activities such as research
and studies, capacity building, awareness programs, and strategic coordination.
The latest initiatives are designed to further
empower these associations, driving continued growth and innovation within Saudi
Arabia’s industrial sector.
This Kingdom aims to increase the number of
factories to approximately 36,000 by 2035, enhance investment attraction, and
achieve economic diversification.
The strategy seeks to triple manufacturing gross
domestic product by 2030, boost industrial exports to SR557 billion ($148.38
billion), and attract SR1.3 trillion in additional sector investments.
In the first quarter of this year, Saudi Arabia
issued over 300 industrial licenses, maintaining the previous year’s pace.
A ministry statement in May revealed that it
issued 324 industrial permits in the first three months of the year, including
54 in March, with investments totaling SR1.047 billion during that month alone.