Arab News, Wednesday, Jun 07, 2023 | Thul-Qidah 18, 1444
NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector
Saudi Arabia:
In a push to localize the Kingdom’s automotive industry, Saudi Arabia’s National
Industrial Development Center has inked a strategic deal with Valeo Egypt, the
software development unit of the global automotive supplier.
The two parties signed a memorandum of
understanding set to pave the way for the localization of automotive components
and manufacturing of modern systems for mobility technology in the Kingdom, the
Saudi Press Agency reported.
The MoU was signed in the presence of Bandar
Alkhorayef, the Saudi minister of industry and mineral resources, and Ahmed
Saleh, the Egyptian minister of trade and industry.
The deal will significantly enhance the efficiency
and growth of Saudi Arabia’s automotive sector, as charted in the National
Industrial Strategy’s objectives.
The NIS serves as Saudi Arabia’s roadmap for
diversifying its industrial base, boosting non-oil exports, attracting foreign
investment, promoting innovation and research, and generating local employment.
The strategy revolves around three key objectives,
namely developing a resilient industrial economy, establishing an integrated
industrial center, and achieving global leadership in manufacturing selected
industrial commodities.
The NIS has set ambitious goals for the industrial
sector, with the aim of increasing the sector’s contribution to the Kingdom’s
gross domestic product from $88.26 billion to $377.06 billion by 2035.
Additionally, it hopes to boost jobs in the
industrial sector from 900,000 to 3.3 million during the same period.