RIYADH — Minister of Industry and Mineral Resources Bandar Bin Ibrahim Al-Khorayef said that the national strategy for the industry has global dimensions concerning investment through its plans to provide an attractive investment environment for investors that enables them to obtain investment opportunities with competitive returns.
He added that the strategy will achieve more economic diversification and diversify sources income, providing quality jobs for the Saudi citizens, and motivating them to develop their talents to contribute to building a pioneering and sustainable industrial sector.
This came in a press conference the minister held on the sidelines of the Future Investment Initiative (FII) Wednesday, highlighting several important elements in the new strategy, launched by Crown Prince Mohammed Bin Salman, prime minister and chairman of the Council for Economic and Development Affairs (CEDA).
“The National Strategy benefits the international side, as it combines product and quality, and at the same time combines our goals and ambitions, and supports the products industry using modern and unique technologies, taking into account when designing them that they are practical, implementable, realistic and actual,” Al-Khorayef said.
He indicated that it is a national strategy due to its goals and ambitions that go beyond the industrial sector, and its contribution to creating a solid and strong industrial economy that attracts investment, in line with the objectives of the Kingdom’s Vision 2030.
He explained that the strategy focuses on the capabilities that the Kingdom enjoys, including the national resources such as oil, mineral resources and chemicals, young talents, and a distinguished geographical location.
He concluded, “We are determined to double our industrial exports by 2030, and raise the number of our factories to around 36,000 factories by 2035, in addition to our participation in global supply chains, and to be a global center to reach the Middle Eastern, African and Asian markets.” — SPA
