Saudi Arabia launches national program to boost industry, logistics

Source: Xinhua| 2019-01-29 11:13:43|Editor: mmm
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RIYADH, Jan. 29 (Xinhua) -- Saudi Arabia on Monday launched a national development program, aiming to attract investment worth 1.6 trillion riyals (around 427 billion U.S. dollars) over the next decade to boost its industry and logistics.

The National Industrial Development and Logistics Program (NIDLP), inaugurated by Saudi Crown Prince Mohammed bin Salman Al Saud, includes four domains for investment: energy, industry, mining, and logistics. It aims to transform Saudi Arabia into an industrial powerhouse through investment from domestic and foreign private companies.

The NIDLP is set to create 1.6 million jobs and increase the value of non-oil exports to 1 trillion riyals (around 267 billion dollars) by 2030, according to Saudi Energy Minister Khalid Al-Falih.

"We have a deep conviction that those who bet on Saudi Arabia will not lose," said Al-Falih at the launch ceremony, urging investors to back the program.

The landmark program is an important part of the Saudi Vision 2030 reform plan, which was unveiled in 2016 and aims to diversify the Saudi economy and reduce the country's reliance on oil.

Saudi Arabia's 2019 budget has allocated 33 billion riyals (around 8.8 billion dollars) for the energy, industry, mining and logistics sectors, Al-Falih tweeted in December.