RIYADH: Saudi Arabia has decided to set up 15 new high-tech factories in which medicines and aircraft parts will be manufactured.
According to Urdu News, the Deputy Minister of Industry and Mineral Resources of Saudi Arabia says that 15 new factories with modern technology will be installed in the kingdom.
Speaking at the third edition of the International Engineering Conference, Osama Al Zamal said that among the new plants, there will be 3 major pharmaceutical and vaccine units, 4 aircraft parts and 8 metal forming units.
The announcement by the Saudi Deputy Minister came at a time when the National Industry Strategy aims to increase the number of factories in the Kingdom to 36,000 by 2035.
Giving further details of the project, Osama-ul-Zamal said that its aim is to produce up to 8 lakh tons of special chemicals and to increase the exports of advanced technology products by 6 times.
He said that the industrial production of the kingdom will double to 895 billion Rials and the value of industrial exports will increase by 100 percent to 577 billion Rials.
In addition, it aims to reduce the trade deficit by 80 percent, which will bring the total value of additional investment in the sector to 1.3 trillion riyals.
The deputy minister said that among other goals and objectives of the strategy is to provide 800 investment opportunities worth 1 trillion riyals.
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