Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef has said the Kingdom’s industry system was seeking to achieve national goals by expanding partnerships with the public and private sectors, strengthening research, development and innovation mechanisms, and providing industrial enablers and incentives.
He pointed to his ministry’s keenness to adopt the technologies of the Fourth Industrial Revolution and to enhance industrial productivity in 12 promising sectors that contribute to meeting national needs.
This includes promoting research and development mechanisms, fostering innovation, providing industrial capabilities, support programs, and financing, as well as adopting the Fourth Industrial Revolution technologies and applications.
The Saudi Minister of Industry and Mineral Resources, who is also Chairman of the Board of Directors of the Saudi Authority for Industrial Cities and Technology Zones (MODON), met with a number of investors in the industrial sector in the Aseer region (southwest of the country), to discuss the challenges and opportunities of industrial investment.
Al-Khorayef stressed that his ministry was working in partnership with the Aseer Development Authority to promote industrial development in the region.
Development projects related to the region’s strategy will be aligned with the targets of the national industrial strategy, attracting investments and localizing industries, with active participation from the private sector due to its crucial and enabling role, the minister added.
He emphasized that the ministry has worked on more than 100 enablers for investors in the industrial sector over the past years regarding exports made in Saudi Arabia, local content, protection from unfair competition, training and qualification, and other important aspects. These are essential for industrialists to enhance their operations and find solutions to challenges, enabling greater growth.
During his visit to the region, the Saudi minister inaugurated a factory that specializes in the manufacturing of medical products and bone reconstruction fillings.
The factory extends over an area exceeding 4,000 square meters, with investments amounting to SAR 40 million ($10.6 million).