Economists have shed light on the importance of increasing investment in innovative and pioneering projects in various technological industries.
They also called for the importance of speeding up and activating the implementation of local industrial content programs in various fields to increase the growth of the Saudi economy, with economic indicators expecting its growth by 2.2 percent during the current year.
Economist Abdulhalim Muhaisen told Asharq Al-Awsat that the economic policies currently being proposed are in the interest of maximizing the industrial sector as a major contributor to increasing local national content and global competitiveness.
“Thus, achieving an important part of the structure aimed at diversifying the Saudi economy."
Muhaisen pointed out that the industrial sector needs to develop a system for protection and competitiveness, in addition to strengthening local content programs to reach advanced levels of industrial competitiveness.
He said that innovative projects represent a fertile ground for industrial investment and is one of the elements for creating a smart partnership between the public and private sectors.
For his part, Head of Al Shorouk Center for Economic Studies in Jizan Dr. Abdul Rahman Baashen told Asharq Al-Awsat that the industrial investment resulting from the structural transformation of the Saudi economy will enhance the local industrial content.
He explained that it comes in line with the projects of the Public Investment Fund and the major national projects currently being offered, such Neom, Qiddiya,and Red Sea and entertainment projects.
Baashen noted that economic indicators suggest increasing the growth of non-oil industrial sector to more than 4.6 percent next year in light of the need to review means of protecting competitiveness of industries and increasing import duties.
He said there are economic indicators that Saudi non-oil export revenues have amounted to $47 billion, with an expected 1.1 million job opportunities.
Meanwhile, Economist Dr. Sadiq Hammad told Asharq Al-Awsat that there is a trend focusing on localizing the military industry.
Hammad explained that it is a real addition to the Saudi industrial sector, which will enable investment in innovative projects in this field, and attract foreign investment.
