His Excellency, Minister of Industry and Mineral Wealth, Mr. Bandar bin Ibrahim Al-Kharif, affirmed that the industrial and mining system has worked on building a large number of incentives aimed at supporting the private sector and encouraging investment in the industrial sector, reaching more than 70 services and incentives covering various areas such as financing, training, exports, licenses, and others.
Al-Kharif emphasized, during his meeting with the business sector and industrial community organized by the Asharqia Chamber, the importance of intensifying efforts to support the comprehensive industrial development process witnessed by the Kingdom. He pointed out that the national industrial strategy aims to build an attractive industrial economy for investment, a source of high-tech products, and a contributor to securing global supply chains according to the aspirations and targets of Saudi Vision 2030.
The Minister of Industry and Mineral Wealth pointed out that the relationship between the private sector and the government sector is considered one of the key elements upon which the national industrial strategy was built. He emphasized that the private sector is an essential part of achieving its governance, confirming that the Association of Car Manufacturers and local supply chains recently announced by the ministry aims to provide solutions for the development and growth of the automotive industry in the Kingdom and protect the interests of manufacturers and workers therein.
Al-Kharif emphasized that the ministry has introduced numerous programs and initiatives to support small industrialists, such as the Promising Factories Initiative and initiatives to encourage entrepreneurial thinking, research, and innovation in the industrial field. Additionally, there are initiatives related to infrastructure, incentives for small and medium-sized projects, and programs for implementing the Fourth Industrial Revolution, among others provided by the national industrial strategy.
The extensive meeting organized by the Asharqia Chamber, held today, Sunday, at its headquarters in Dammam, saw the participation of several leaders in the industrial system in the Kingdom, including the President of the Royal Commission for Jubail and Yanbu, His Excellency Engineer Khaled bin Mohammed Al-Salem, and the Deputy Minister of Industry and Mineral Wealth for Industrial Affairs, His Excellency Engineer Khalil bin Ibrahim bin Salma, as well as the CEO of the Saudi Industrial Cities and Technology Zones Authority "MODON," Engineer Majed bin Rafid Al-Arqoubi, and the CEO of the Saudi Export Development Authority, Engineer Abdulrahman bin Suleiman Al-Thakir.
The meeting addressed the review of programs and initiatives of the industrial system within the national industrial strategy, industrial potentials, and investment opportunities emanating from it, as well as its financial programs and initiatives aimed at stimulating industrialists and accelerating the pace of industrial development and diversification in the Kingdom.
The chairman of the Asharqia Chamber, Badr bin Suleiman Al-Raziza, emphasized the importance of the industrial sector as the main driver for increasing non-oil exports in the gross domestic product, capable of attracting foreign investments and creating quality jobs. He pointed out the significant attention given by the state to the industrial sector, placing it on the priority list of the vision, enacting laws, reformulating regulations, launching enhanced programs and initiatives to enhance the Kingdom's exports to global markets, and expanding its range of industrial goods to include a total of 118 industrial items.
Al-Raziza pointed out the successes achieved by the industrial sector, both in terms of quantity, reaching by the end of the first quarter of 2023 (10,819) factories compared to about (6,627) factories by the end of 2019, and in terms of capital, estimated at 1.432 trillion riyals. He mentioned that there is continuous expansion in industrial sector improvements, whether in terms of accessing data or services, which have transformed from a complex process of completing transactions to 85% automated services.