Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef called on the industrial business sector to take advantage of opportunities available in the Kingdom, noting that there are 12 sectors that have been targeted by 64 initiatives.
Speaking at the Sixth Riyadh Industrialists Council meeting organized by the Riyadh Chamber of Commerce, Alkhorayef said that gains achieved through Saudi Vision 2030 were remarkably substantial.
Alkhorayef pointed to the need for strengthening small factories, expanding large factories, and bringing developed factories to global competition.
International companies in all countries of the world are asking directly to identify investment opportunities in the Kingdom, revealed Alkhorayef, explaining that this can be traced back to the Kingdom’s role as an important and influential player within the global economy.
The meeting witnessed an open discussion on Saudi Arabia’s national strategy for industry.
The strategy had been developed according to several levels, aiming for the private sector to lead the industrial sector by 2035. This will be done through focusing on the principles of global leadership, diversity, and technology adoption.
Key objectives of the strategy focus on creating a flexible industrial economy capable of adapting to changes and leading industrial regional integration to meet demand and achieve leadership in manufacturing a group of selected commodities.
Alkhorayef noted that government capabilities and strengths help achieve these goals.
A presentation given during the meeting on the national strategy for industry drew attention to developing phased plans to activate the targeted groups of industrial commodities.
According to the presentation, current capabilities, technologies and qualifying human capital can attract 814 opportunities, with an investment size of SAR979 billion ($260 billion) in 2035.
Abdullah Alkhorayef, a member of the board of directors and chairman of the Industrial Committee at the Riyadh Chamber, expressed confidence in the development the sector is witnessing and the incentives it is offering to increase competitiveness.
In related news, the Saudi Industrial Development Fund, known as SIDF, approved 111 loans amounting to SAR14 billion ($3.7 billion) in 2022 in sectors including industry, energy, mining, and logistics.
The organization has revealed that small and medium enterprises obtained 87 loans, representing 79% of the total approved, while 40 loans were provided to factories.
Lending from the fund was directed at qualitative and strategic projects that would contribute to increasing the local content and raising the quality of local industries.
