Opportunities in Saudi industrial sector not limited to giant investments, says minister

Saudi Gazette report

RIYADH — Opportunities in Saudi Arabia’s industrial sector are not limited to the huge investments alone, Minister of Industry and Mineral Resources Bandar Alkhorayef has stated.

The minister made the remarks during a speech to the ceremony of the investment acceleration program in the industrial sector. He affirmed that the program aims to work with all the categories of investors.

Alkhorayef said the National Strategy for Industry, the localization and export strategies, and a number of other relevant policies will generate very large opportunities for entrepreneurs to enter the industrial sector.

The National Strategy for Industry holds large ambitions that are constantly followed up and measured due to the importance of the industrial sector and its pivotal role in supporting the national economy to achieve the goals of Saudi Arabia’s Vision 2030, Alkhorayef said.

He pointed out that the goals of the National Strategy for Industry can only be achieved by accelerating qualitative investments in targeted sectors and assisting the investors in making suitable decisions to match their ambitions, as well as by working with them to transform the ideas and opportunities to real projects on the ground.

Alkhorayef pointed out that the ministry launched the industrial business accelerator, which received 600 applicants so far. He said 15 projects were selected out of them, and they will enter business acceleration incubators starting next week. The teams and systems of the ministry will work to assist entrepreneurs to transform their ideas into real projects.

The ministry has worked with a number of investors and large companies on several projects that created about 160 opportunities, of which 70 were launched on Monday, Alkhorayef said.

“The ministry is seeking to transform our dreams in Saudi Arabia into a tangible reality, and that every investor will find all support and empowerment from the Ministry of Industry and Mineral Resources,” Alkhorayef stressed.