Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah said Saudi Arabia aims to achieve a fourfold increase of production in polymer-based manufacturing industries by 2035.
Speaking to Asharq Al-Awsat on the sidelines of the Riyadh International Industry Week, which kicked off on Monday, the minister underlined the importance of this objective in providing great opportunities for investors.
The event, which concludes on Friday, was inaugurated by Minister of Industry and Mineral Resources, Bandar Alkhorayef at the Riyadh International Convention and Exhibition Center.
The event features four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries, the Saudi Exhibition for Printing and Packaging, the Saudi Exhibition for Smart Logistics Services, and the Saudi Exhibition for Smart Manufacturing.
The event is also an opportunity to discuss fair competition and competitive environment, as well as sustainability and export capabilities. It features a number of activities that aim to support the industry in Saudi Arabia, with the participation of more than 500 companies from 24 different countries.
Bin Salameh said such events highlight the volume of investments expected in the Kingdom, and bolster communication between producing firms, such as Aramco, SABIC, Petro Rabigh, Sadara, and resource consuming companies.
The deputy minister went on to say that the event opens a wide scope for new investments, whether equipment manufacturers or investors, who have found that expansion in this field is feasible.
The automobile industry in Saudi Arabia is notably undergoing a major transformation through the production of electric vehicles and the establishment of factories for local manufacturing.
The Kingdom’s automotive industry is expected to grow 12 percent by the end of the decade thanks to Vision 2030 and its ambitious goals in environmentally friendly mobility and autonomous transportation. The industry will benefit from the Kingdom’s strategic location and investment in advanced technologies.
