What Is the National Transformation Program (NTP) 2020?
Following the prosperous oil boom of 2003–2013 — which launched Saudi Arabia into a surge of profitability that skyrocketed its GDP, created a plethora of new jobs for its people and enhanced its economy exponentially — Saudi Arabia needs to redefine itself. With oil prices dropping since 2014 and economic growth plateauing and regressing, the Kingdom has begun to diversify and move away from its primarily oil-based economy and develop new industries.
With a new vision for both its identity and its profitability, Saudi Arabia has developed a transformative plan to forward the nation into a new age of thriving economic progress and vibrant social growth. Its name? The National Transformation Program 2020.
As a stepping stone to the economic and social developmental action laid out by Saudi Arabia’s Vision 2030 progress roadmap, the National Transformation Program (NTP) 2020 is a strategic plan to implement nationwide social and economic objectives for the improvement of the country across various sectors by the year 2020.
Beginning in 2016, this initiative aims to target specific, ambitious areas of reform and developmental progress by implementing strategic objectives with the guidance of specific government bodies. With this and the Vision 2030 plan, Saudi Arabia aims to diversify, develop and transform nationwide in the years to come.
NTP 2020 Goals and Objectives
Based on the Vision 2030 program — which details specific visions for how the nation will have grown by that time — NTP 2020 identifies, translates, and lays out innovative targets for the nation’s participating entities to achieve by the year 2020. With detailed initiatives and execution plans across a variety of sectors, NTP 2020 explains and aims to carry out national common goals in areas like:
- Strengthening private sector partnerships: Partnering with the private sector to fund NTP 2020 initiatives by more than 40 percent, Saudi Arabia hopes to significantly increase private contributions to the national GDP.
- Creating jobs: In keeping with the Vision’s goal of creating opportunities for everyone, NTP 2020 initiatives aim to create more than 450,000 nongovernment sector jobs by 2020.
- Digital transformation: Supporting the government’s goal of digital advancement and transformation through the development of digital assets and initiatives, the nation intends to develop the digital infrastructure to activate sectors of the economy, support industry and develop better business models.
- Maximizing of local content: To reduce nationwide dependence on imports, create job opportunities and add value to local content, various initiatives aim to localize and maximize content across multiple sectors.
These are only a few of the nationwide economic and social initiatives NTP 2020 details. The program includes 24 government sector participants with more than 150 objectives. The participants are as follows:
- Ministry of Finance
- Ministry of Justice
- Ministry of Health
- Ministry of Economy and Planning
- Ministry of Commerce and Investment
- Ministry of Communications and Information Technology
- Ministry of Civil Service
- Ministry of Municipal and Rural Affairs
- Ministry of Culture and Information
- Ministry of Energy, Industry, and Mineral Resources
- Ministry of Environment, Water, and Agriculture
- Ministry of Labor and Social Development
- Ministry of Education
- Ministry of Housing
- Ministry of Transportation
- Ministry of Haj and Umrah
- Sports Authority
- Saudi Commision for Tourism and National Heritage
- King Abdulaziz City for Science and Technology
- Royal Commission for Jubail and Yanbu
- King Abdullah City for Atomic and Renewable Energy
- Saudi Arabian General Investment Authority
- Institute of Public Administration
- Saudi Food and Drug Authority
The widespread, multidisciplinary nature of NTP 2020’s participants and objectives aims to ensure varied, nationwide development in all sectors.
How Will the National Transformation Program 2020 Affect Business in Saudi Arabia?
When it comes to doing business in Saudi Arabia, NTP 2020 and Vision 2030 are the nation’s current priorities — and as such, their objectives are at the forefront of business objectives and industry transformation. The rapid and prosperous projected growth these plans will bring to the nation means there is no better time to get involved with business ventures in Saudi Arabia, but to be successful in your endeavors, you need to align your business objectives with the nation’s current goals and rising industries.
When it comes to expanding your business ventures to Saudi Arabia and benefiting from the ample growth of the rising nation over the next decade and more, there’s no better company to advise you in your success than The Quincy Group. With 50 years of in-depth experience and personal expertise in helping companies make Saudi connections, we know just how to help you break into the growing Saudi business world carefully and confidently. Contact us today for more information on our consulting services.