Industrial sector incentives to boost GDP growth: Al-Falih

Khalid Al-Falih, Minister of Investment 

Minister of Investment, Khalid Al-Falih, said the industrial sector's standard incentives will contribute to increasing Saudi Arabia's GDP through localizing industries that enhance the Kingdom’s trade balance.
 

This initiative is part of multiple efforts to achieve the objectives of the National Industrial Strategy, the Saudi Press Agency reported, citing Al-Falih.
 

He added that this decision builds upon the incentives launched by the Kingdom in recent years across priority economic sectors, including tourism, mining, telecommunications, and information technology.
 

The decision also underscores Saudi Arabia's commitment to economic diversification, localization of expertise and knowledge, as well as development of capabilities to meet the goals of Vision 2030.
 

The minister explained that the National Investment Strategy and the National Industrial Strategy mainly aim to implement various programs and initiatives in partnership with the Ministry of Investment, the Ministry of Industry, and other relevant entities.
 

These efforts aim to maximize the benefits of high-value industrial investment opportunities and enhance Saudi Arabia's competitiveness regionally and globally, Al-Falih said.
 

 The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved standard incentives for the industrial sector today, Dec. 17, according to data available with Argaam.