Saudi Arabia Hosts Key Forum on Industrial Policy Amid Global Challenges

By Abubakarr Bah, Information Attaché, Saudi Arabia.

Sierra Leone’s Deputy Minister of Trade and Industry, Ms. Fatmata Kargbo, actively participated in the second edition of the Multilateral Industrial Policy Forum (MIPF), which took place in Riyadh, Kingdom of Saudi Arabia, on October 23-24, 2024. This significant event brought together key stakeholders from around the globe to discuss the future of industrial policies in an era defined by rapid technological advancement and shifting economic landscapes.

Hosted by the Saudi Ministry of Trade and Mineral Resources in collaboration with the United Nations Industrial Development Organization (UNIDO), the two-day forum aimed to support the development of the global industrial sector by formulating effective and innovative policies that can tackle the pressing challenges of our time. With a focus on enhancing industrial productivity and sustainability, the forum was a crucial platform for dialogue and knowledge exchange among global leaders.

The event was centered around the theme “Transforming Challenges into Sustainable Solutions through Industrial Policies,” and featured a diverse array of attendees, including ministers, CEOs, industry experts, and policymakers. This year’s discussions concentrated on three pivotal themes: Artificial Intelligence (AI), Digitalization, and Automation in Manufacturing—areas that are increasingly shaping the future of industries worldwide.

Madam Kargbo highlighted the forum’s significance, noting that it provided an invaluable opportunity to explore avenues for enhancing industrial cooperation and networking with potential development partners. She expressed optimism that her interactions with CEOs and industry experts would lead to unlocking development opportunities that align with the vision set forth by His Excellency President Dr. Julius Maada Bio. This vision includes the Big Five Game Changers: FEED SALONE, Human Capital Development, Youth Empowerment, Revamping the Public Service Architecture, and achieving Sustained Economic Growth through Technology and Infrastructure.

In his opening remarks, His Excellency Abdullah bin Adel Fakhro, the Minister of Industry and Commerce of Saudi Arabia, underscored the importance of the forum in fostering constructive dialogue and international cooperation on industrial policy formulation. He acknowledged the complexities of the current global economic environment, characterized by rapid technological change and significant geopolitical tensions. “The industrial landscape is undergoing a critical transformation,” he stated, emphasizing the need for collective efforts to build an “influential industrial future based on innovation, sustainability, resilience, and international collaboration.”

Fakhro pointed out that while modern technologies offer unprecedented opportunities for industrial growth, they also bring considerable challenges, such as economic divides and supply chain disruptions. The forum provided a timely opportunity for participants to explore new forms of partnerships, align policies, and create synergies that enhance their capabilities. He encouraged delegates to focus on building more resilient supply chains, increasing access to market opportunities, and ensuring that the benefits of industrial growth are distributed fairly.

Moreover, he reiterated Saudi Arabia’s commitment to not only building a robust industrial base within the Kingdom but also to fostering growth and prosperity in other nations. The emphasis on international cooperation is crucial in addressing shared global challenges, including those posed by digitalization, supply chain issues, and the energy transition.

The Multilateral Industrial Policy Forum (MIPF) was established by UNIDO in 2021 in response to Member States’ calls for an expansion and scaling up of the organization’s industrial policy advisory services. The aim is to stimulate discussions on how industrial policies can best be leveraged to promote productivity and growth, strengthen resilience and environmental sustainability, and address societal challenges.

As the forum concluded, participants left with a renewed sense of purpose and a commitment to collaborative efforts that prioritize innovation and sustainability in industrial policies. The insights and relationships fostered during the event are expected to contribute significantly to the ongoing efforts of nations like Sierra Leone to integrate global best practices into their local development strategies.