Saudi Gazette report

ARISH — Minister of Industry and Mineral Resources Bandar Alkhorayef said that Saudi Arabia is one among the countries most prepared to adopt modern manufacturing technologies thanks to the great national resolve represented in the objectives of the Kingdom’s Vision 2030.

Addressing the RAD Entrepreneurship Forum in the Eastern Province on Monday, he said that the investment opportunities in the industrial sector have undergone radical changes. He noted that the lack of competition between technology and the Saudi employee, in addition to the demographic structure represented by a large percentage of young people and their tendency to use modern technologies will help accelerate the transformation of the industrial sector in the Kingdom.

Alkhorayef said the national strategy for industry encompasses more than 60 enabling initiatives. “Half of these projects are directed toward entrepreneurship and small and medium-sized enterprises with ongoing efforts to create spaces for entrepreneurs in the industrial cities.” The minister noted that there are a number of successful initiatives launched by the ministry and these include the Hackathon Industry organized by the Saudi Industrial Development Fund, and the Alf Mile initiative launched by the National Industrial Development and Logistics Services Program (NADLIB).

Alkhorayef pointed out that accelerating exploration is one of the priorities that the Ministry of Industry and Mineral Resources is working on in the mining sector, saying that this includes both state-led accelerated exploration and exploration carried out by private companies. “Accelerated venturing is the nerve center around which the mining sector revolves,” he pointed out.

The minister emphasized that the ‘Made in Saudi Arabia’ program plays an important role in strengthening the identity of Saudi products, encouraging their acquisition, and opening foreign markets for Saudi exporters. He noted that the program recently began leveraging sub-brands such as the ‘Made in Makkah’ and ‘Made in Madinah’ programs, and the launch of the sub-brand ‘Saudi Technology.’ He also highlighted the program’s keenness to select brands that have the required level of quality and efficiency.