Multilateral Industrial Policy Forum Kicks Off In Riyadh

10/23/2024 6:04:33 AM

(MENAFN- Kuwait News Agency (KUNA)) RIYADH, Oct 23 (KUNA) -- The Multilateral Industrial Policy Forum commenced on Wednesday in Riyadh under the theme "Industrial Policies for a Sustainable Future."
In his opening speech, Saudi Minister of industry and Mineral Resources Bandar Al-Khorayef highlighted the importance of adapting to the rapid global changes and seizing opportunities to enhance global competitiveness.
The two-day forum was organized by the Saudi Ministry of Industry and Mineral Resources in partnership with the United Nations Industrial Development Organization (UNIDO).
Al-Khorayef emphasized that no single country can achieve all its goals alone, stressing the need for international cooperation across sectors to share information and data to tackle global challenges.
He also underscored the need for significant investments in infrastructure, technology, and education over the next decade, and highlighted the importance of debt relief and improved access to resources for developing countries.
UNIDO Director General Gerd Muller echoed these sentiments, stressing that the world was facing immense challenges and global crises, with industry playing a crucial role in addressing them.
Muller pointed out that the world was witnessing a population growth of 80 million people annually, primarily in developing nations, and emphasized the need for millions of new jobs in these countries by 2050 to accommodate the growing youth population.
Muller also addressed the increasing global demand for food and energy, projecting that food demand would rise by 50 percent and energy demand by 70 percent by 2050.
He emphasized the urgency of investing in renewable energy, such as green hydrogen, and transitioning to a circular economy to mitigate the effects of climate change.
The forum aims to promote sustainable global industrial policies and foster international cooperation to achieve the United Nations' Sustainable Development Goals (SDGs) and Saudi Arabia's 2030 Vision.
It features a series of ministerial roundtable discussions with ministers from various countries, alongside experts and decision-makers from both the public and private sectors.
Ministers of energy and industry from Saudi Arabia and other countries, including the UAE, Egypt, Singapore, Bahrain, and Morocco, were participating, demonstrating a global commitment to joint efforts in advancing industrial transformation.
The event seeks to accelerate industrial development while balancing national and international interests, aligning with the United Nations' development agenda. (end)
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