The ministry of industrial and mineral resources Bandar Alkhorayef has noted that Saudi Arabia is a significant center for a large number of industries covering the needs of the local and neighboring countries market and expanding them to the African continent.
Bandar said the Kingdom is also looking to take advantage of its competitive role in targeting global consumer markets.
Alkhorayef spoke at length in an interview with Saudi Television Channel 1, about drawing investment to the manufacturing sector. “We are making every possible effort to draw buyers.”The ministry’s four directions work on stimulating this sector and promoting promising and priority sectors like oil, mining, and petrochemicals.”
The ministry’s focus is on the Saudization industry through a plan to transform the largest number of imported goods into manufactured products and create capacity for the future, through the implementation of new technology, artificial intelligence, and the fourth industrial revolution in general, by developing industries based on potential demand.
“It is very exciting and important to invest in the Saudi industry and to build jobs because one job generates five indirect employment positions in the other industries,” he said.
The Kingdom did not start in the industrial sector today according to Alkhorayef. Rather, this sector, which started 45 years ago, continues to grow by moving from a phase that was highly reliant on natural resources into another phase which depends on optimizing the industry’s benefits in all sectors.
“In the next step there will be an improvement in the value-added of the oil and mining industries, as many supporting policies and regulations have been brought in places, such as mining investment regulations, the expansion of geological surveys to include major Kingdom regions, and the growth of industrial city infrastructure, and the like,” he said.