Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, has signed an agreement with Gerd Müller, Director General of the United Nations Industrial Development Organization (UNIDO).
The agreement seeks to create a framework for a strategic cooperation program between the Ministry and the Organization. The signing ceremony was held in Riyadh during the Multilateral Industrial Policy Forum (MIPF).
The transformative event, co-organized by Saudi Arabia’s Ministry of Industry and Mineral Resources and UNIDO, provided a platform for policymakers, development researchers and business professionals to strengthen multilateral collaboration on industrial policies and to drive sustainable and inclusive industrialization.
The agreement between the two parties is set to enhance industrial development in Saudi Arabia by focusing on several key areas, particularly the development of industrial policies, such as sector-specific policies, the improvement of industrial data collection and analysis to support decision-making, and the promotion of investment in key industrial sectors.
It also highlighted efforts to adopt state-of-the-art technology and best practices to improve industrial processes, integrate local industries into global value chains, enhance competitiveness, and boost the reach of Saudi products in both regional and international markets.
The agreement covers training and developing the skills of the industrial workforce, as well as other key areas agreed upon within the strategic cooperation framework. The partnership between the two parties will boost the Kingdom’s industrial development while contributing to the goals of Saudi Vision 2030 by diversifying the economy and reinforcing the Kingdom’s position as a leading industrial hub.
