JEDDAH: Energy, Industry and Mineral Resources Minister Khalid Al-Falih expects Gulf industrial investments to exceed $1 trillion by 2020 from $323 billion in 2015.
He expressed this hope during a meeting of industrial ministers of the GCC in Riyadh.
Al-Falih also said that the manufacturing sector encourages increased economic activity in society and plays a very important role in economic growth.
Saudi Arabia’s Vision 2030 has given special attention to the industrial sector and focuses on investments in new industries, and on strengthening the renewable energy sector by forging of partnerships between the private and public sectors.
Recent economic changes in the region and doubling of global demand will spur further growth in regional industrial projects, said the minister.
These developments are expected to promote the long-term interests of GCC countries.
Gulf states are also expected to become more competitive on the global industrial scene.
Al-Falih also emphasized the crucial role of the GCC’s economic strategies and the comprehensive industrial development plans that were devised years ago by its leaders.
He said the industrial sector would play a central role in enhancing growth and development, given the recent challenges faced by Gulf economies in terms of decreased oil prices and slow global economic development.
GCC Secretary-General Abdullatif Al-Zayani said that the GCC has offered generous support in recent times to industrial growth as it is a major strategic choice.
He said that many countries have now adopted industrial plans and programs that enable them to set up a range of industries in record time.
He said that the Gulf private sector has contributed to the industrial revolution, too, enabling Gulf products to compete in developed countries.
He expressed this hope during a meeting of industrial ministers of the GCC in Riyadh.
Al-Falih also said that the manufacturing sector encourages increased economic activity in society and plays a very important role in economic growth.
Saudi Arabia’s Vision 2030 has given special attention to the industrial sector and focuses on investments in new industries, and on strengthening the renewable energy sector by forging of partnerships between the private and public sectors.
Recent economic changes in the region and doubling of global demand will spur further growth in regional industrial projects, said the minister.
These developments are expected to promote the long-term interests of GCC countries.
Gulf states are also expected to become more competitive on the global industrial scene.
Al-Falih also emphasized the crucial role of the GCC’s economic strategies and the comprehensive industrial development plans that were devised years ago by its leaders.
He said the industrial sector would play a central role in enhancing growth and development, given the recent challenges faced by Gulf economies in terms of decreased oil prices and slow global economic development.
GCC Secretary-General Abdullatif Al-Zayani said that the GCC has offered generous support in recent times to industrial growth as it is a major strategic choice.
He said that many countries have now adopted industrial plans and programs that enable them to set up a range of industries in record time.
He said that the Gulf private sector has contributed to the industrial revolution, too, enabling Gulf products to compete in developed countries.
