Vision 2030 .. What it Means for Supply Chain
The national transformation, or as-called Saudization, is one of the key pillars of Saudi Arabia's Vision 2030, which relies on developing local capacities, And supply chain is one of the most prominent forms of industrial diversity in different sectors supporting the national economy.
In this webinar, we will highlight the challenges, opportunities supply chain leaders face when implementing Vision 2030.
How did Vision 2030 start
The Council of Economic & Development Affairs, led by Deputy Crown Prince Mohammed bin Salman, formulated the authentic idea of Vision 2030 in Saudi Arabia. It includes several goals and reform strategies for the Kingdom's long-term economic success,
Such as subsidy reductions, the establishment of a sovereign wealth fund, the opening of Saudi Aramco to private investment via a partial IPO, and reforms to several industries, including tourism & defense.
Vision 2030 Core themes
A vibrant society, a thriving economy, an ambitious nation, are the themes that Vision 2030 is recruiting all the strength to achieve.
A vibrant society is essential for realizing the vision & laying a solid foundation for economic development,
A prosperous economy creates opportunities for all through the development of an education system linked to market demand
To achieve this vision, we need an ambitious nation that uses efficiency and accountability at all levels, including an effective, transparent, accountable, viable, and well-functioning government.
Vision 2030 What it Means for Supply Chain
Many supply chains have traditionally been continuous; however, in the defense industry, the aftermarket (Maintenance, Repair, and Overhaul – MRO) or reverse supply chain is critical, particularly when it comes to asset Through Life Support, Readiness, and Sustainability.
The Defense supply chain is essentially a synthesis of the forward and reverses supply networks. Work on replacement parts, armored vehicles, and basic ammunition have already begun in the defense industry.
The goal is to broaden this program to include higher-value and more complicated equipment, such as military planes and other industrial items.
However, the word "SME" is overly broad, as it encompasses the trade, manufacturing, and service industries. Small to Medium-sized Manufacturing Industries (SMMIs) that contribute to the entire Defense value chain and other multiple industry value chains will be the true winners.
How is Vision2030 going to affect your business?
Through detailed study, results have shown that this big step is the start of huge, life-changing opportunities throughout Saudi Arabia.
If successful, this will add value to the national economy by establishing various cross-sector supply networks, which will double the impact on neighboring sectors, strengthening the value chain, and boosting industrial diversity.
This supports the achievement of the first step of Saudi Arabia's vision 2030 and the transformation of different walks of life. Which directly affects many fields, and supply chain management is at the forefront with its opportunities & challenges.