An industrial proposal has been put forward to establish a Korean industrial village in eastern Saudi Arabia. The bid comes as the Saudi Ministry of Industry and Mineral Resources continues its efforts to expand international industrial activity in the Kingdom.
The planned village was announced during the Minister of Industry and Mineral Resources Bandar Alkhorayef’s inauguration of a workshop for shedding light on services and incentives offered by Saudi Arabia’s industrial and mineral resources system and its partners.
The workshop was held in the presence of Saudi deputy Minister of Industry and Mineral Resources Eng. Osamah Al-Zamil and several Korean and local investors.
The workshop discussed several steps, enablers and promising opportunities that are provided by the industrial sector in the Kingdom and the roles of institutions of the industrial system and government institutions participating in serving investors, in addition to explaining several advantages and incentives that various institutions of the system offer to empower industrial investors and enrich their experiences.
The workshop also reviewed the targets of the National Industrial Development and Logistics Program (NIDLP) that aims at transforming the Kingdom into an industrial power and a logistic hub through increasing the added value for the mining and energy sectors and empowering the local content and fourth industrial revolution.
The workshop also included the proposal to establish the Saudi-Korean industrial village project in Yanbu Industrial City so as to support the “Made in Saudi Program” and realize its strategic goals according to the plans of Saudi Vision 2030.
The industrial sector in the Kingdom has witnessed unprecedented growth in recent years.
The volume of investments in the industrial sector for the year 2021 amounted to more than 81 billion riyals for new factories, while the volume of licensed capital in the industrial sector reached 1.3 trillion riyals ($346 billion).