Saudi Gazette report

RIYADH - Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the ministry embarked on a national plan for the Saudization of the vital pharmaceutical and vaccine industry. “This will be in collaboration with many concerned agencies, the foremost of which are the Ministry of Health and the Saudi Food and Drug Authority (SFDA).

The ministry gives priority to the localization of this sector due to its importance in achieving the Kingdom’s pharmaceutical and health security,” he said.

The minister made the remarks while addressing a symposium on “How far the Kingdom reached in developing industry”, which was organized by the Saudi Economic Association here on Wednesday.

Alkhorayef highlighted the role of the “Made in Saudi Arabia” program in enhancing a sense of belongingness toward local products and build a positive mental image toward it. “Around 1,300 companies come under the program. Despite the challenges of the coronavirus pandemic, Saudi Arabia’s products reached the markets of 178 countries during the past year,” he said while stressing that non-oil exports have recorded the highest value in its history for the first half of 2021, with an estimated increase of 37 percent, achieving SR125.3 billion in revenues.

The minister also underlined the importance of the industrial sector in diversifying sources of income. He pointed out that the industrial strategy is built on three main axes, of which the first is building the Kingdom’s local capabilities that help it face the challenges and ensure continuity. Second is investing in natural resources and exploiting the Kingdom’s distinguished geographical location to reach the world by investing in a number of manufacturing industries that will have an added value to the national economy. Thirdly, looking to the future by focusing on future industries that qualify the Kingdom to compete with other countries, he said.

Alkhorayef explained that the ministry is working through the industrial strategy for the national industry to be globally competitive, by enabling local content and advantages of the Fourth Industrial Revolution. “The Kingdom will be an incubator for creativity and innovation, and the best example for activating this step is “Oxagon”, which is the world's largest floating industrial complex and the world's first fully integrated port in the Red Sea. This will be one of the largest incubators for the tools of the Fourth Industrial Revolution, and it will contribute effectively to protecting the environment.”

Alkhorayef stated that the ministry is working seriously towards promoting digital transformation through a plan to automate 4000 factories, relying on the Kingdom’s global excellence in technical infrastructure, and employing its technologies by taking advantage of the applications of the Fourth Industrial Revolution, especially in light of the presence of a young generation that represents a large segment of the population.

He noted that the ministry has an ambitious plan for the geological survey, as it works to obtain various high-resolution geological data for the Arabian Shield, which covers an area of up to 600,000 square kilometers of the Kingdom’s area. “This is aimed at providing data and optimal exploitation of natural resources, in addition to exploring investment opportunities in the mining sector,” he said while stressing that the Kingdom’s Vision 2030 targets mining to be the third pillar of the national industry.