Riyadh, October 23, 2024 – Minister of Industry and Mineral Resources, Bandar Alkhorayef, officially inaugurated the second Multilateral Industrial Policy Forum (MIPF) today in Riyadh. The event, a collaboration between the Ministry of Industry and Mineral Resources and the United Nations Industrial Development Organization (UNIDO), gathered key global figures including Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, Guinea's Prime Minister Amadou Oury Bah, as well as numerous ministers, officials, and decision-makers from across the globe.
In his opening address, Alkhorayef emphasized the significance of the forum in promoting international dialogue and cooperation on industrial policy, especially given the current global challenges and opportunities. He underlined the importance of collective efforts to shape an "influential industrial future" built on the pillars of innovation, sustainability, resilience, and global collaboration. According to Alkhorayef, inclusive and practical discussions at forums like MIPF are essential for driving transformative changes and developing global industrial strategies.
Alkhorayef noted that the global industrial and economic landscape is undergoing a profound transformation, largely driven by modern technologies that provide unprecedented opportunities for industrial growth. However, this transformation is also accompanied by significant challenges, including geopolitical tensions and widening geographical and economic divides. He described the MIPF as a valuable opportunity for countries to forge new partnerships, align policies, and collaborate to strengthen supply chains, increase market access, and ensure fair distribution of benefits. Additionally, he called for the adoption of best practices to address industrial challenges while building a stronger, more resilient industrial environment.
The minister also linked the forum to Saudi Arabia's ambitious Vision 2030, which aims to diversify the Kingdom's economy by developing non-oil sectors and maximizing the potential of the country's abundant mineral resources. Alkhorayef stressed that the MIPF is a crucial step in advancing Saudi Arabia's industrial sector, helping it become a key driver of the Kingdom's economic transformation. Furthermore, he noted that Saudi Arabia is committed not only to building its own industrial base but also to creating opportunities for international cooperation, fostering growth and prosperity globally, and addressing shared challenges such as digitalization, supply chain disruptions, and the energy transition.
