Saudi Arabia to develop industrial sector based on technology, innovation: Minister

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef.

Saudi Arabia has great ambitions to develop the industrial sector, given its importance in Vision 2030, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

The industrial sector plays a vital role in diversifying the economic base and providing investments and job opportunities for citizens, he said at the Global Manufacturing and Industrialization Summit (GIMS) in the UAE.

The minister noted that the Saudi industrial system strives to help industrial investors to complete their work, achieve their goals and obtain promising opportunities for growth and development locally and abroad to make the Kingdom a global logistics destination.

Alkhorayef said the initiatives taken since the launch of Vision 2030 regarding regulations, legislation, and investments in infrastructure were important reasons for overcoming the COVID-19 pandemic.

Infrastructure readiness and investment are essential in dealing with growth, responding to changes and adopting automation and new business models based on the latest technology and the Fourth Industrial Revolution (4IR) applications.

Alkhorayef pointed out that Saudi Arabia demonstrated high capacity and efficiency in dealing with COVID-19 pandemic, starting with ensuring health and safety, business continuity, and supporting the economy.

In addition, the measures taken demonstrated the soundness of the Kingdom's orientations in its Vision 2030, which aspires to provide a vibrant society, a prosperous economy, and an ambitious nation.

He stressed that the orientation of the Saudi industrial sector depends on the adoption of technology and innovation, as well as providing quality job opportunities for all citizens.

The launch of the NEOM Industrial City (OXAGON) reflects a qualitative leap for the industrial sector in the transition to clean energy, in accordance with the objectives of the Saudi Green Initiative and the Green Middle East Green Initiative.

The minister asserted that building human capacities is the only guarantee for business sustainability and growth in order to achieve the long-term requirements of societies.

Saudi Arabia has to reconsider the aspects of education, rehabilitation, and training to ensure response to future business requirements.

Accordingly, it will adopt a culture that stimulates creativity and innovation, embrace competencies and capabilities that ensure the permanent ability to adapt and building business models that ensure sustainability and growth.