Several international companies intend to form alliances with their Saudi counterparts to expand investments and localize the production of goods for exportation. Additionally, these companies are also considering establishing regional headquarters in the Kingdom.
International companies participating in this year’s Riyadh International Industry Week have revealed their new approach to entering the Saudi market and capitalizing on the package of initiatives and programs offered by the government to facilitate foreign investments.
Jagadeesh Bhandari, the CEO of Suhail International, an Indian company specializing in plastic molds, told Asharq Al-Awsat that his company has been investing in Saudi Arabia for 26 years.
During this time, they have constructed three factories that export products to 58 countries. He also revealed a future project for establishing a headquarters in the Kingdom to serve customers closely.
David Lo, the Chief Marketing Officer of Polystar, a Taiwanese international plastic manufacturing company, emphasized to Asharq Al-Awsat the importance of having a presence in Saudi Arabia at the present time.
This is due to the expansion of investments with local partners and the existence of incentivizing measures to enter the domestic market.
Lo revealed the attainment of agreements with several Saudi investors to establish alliances and manufacture products locally for subsequent exportation.
The events of the Riyadh International Industry Week 2023 kicked off on Monday with the participation of 400 global companies from 23 countries.
Among them, China had the largest representation with approximately 204 companies, followed by India with 64 establishments, alongside 100 local companies.
The Riyadh International Industry Week features four exhibitions: Plastic and Petrochemical Industries, Printing and Packaging, Smart Logistics Services, and the Saudi Exhibition for Smart Manufacturing.
It is considered the region’s most prominent event in terms of its direction and innovative solutions that align with the future of the global industry. This aligns with the aspirations and future of the Saudi industry and aims to achieve the targets of the National Industrial Strategy.
The week includes an overview of the potentials of fair competition and the competitive environment, sustainability and export capabilities, local content, employment, training, and the challenges facing the industrial sector in the Industrial Council's tracks.
Additionally, it emphasizes the importance of energy efficiency in the industrial sector.
