Industry is more important to Saudi’s future than oil, energy minister says

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Industrial progress is more vital to Saudi Arabia’s future than oil, the kingdom’s energy minister told CNBC Monday.

Saudi Arabia launched a National Industrial Development and Logistics Program (NIDLP) on Monday as the kingdom hopes to attract 1.6 trillion riyals ($426 billion) of foreign investment by 2030, specifically into the industry, logistics, mining and energy sectors.

“This is a program that integrates four major pillars of the Saudi economy, they’re all active now. These are nothing new but they will be stronger, more competitive and more diverse,” Al-Falih said.

“The sophisticated integrative logistics sector will connect (the other pillars) and will connect the kingdom with the rest of the world and will create a platform for exports and competitiveness for the new economy for Saudi Arabia being built under the Vision 2030.”

Source: CNBC

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