Saudi Arabia Targets Private Sector Investment in Manufacturing Industry
In a bid to capitalize on the Kingdom’s rapid growth, Saudi Arabia is aiming to strengthen private sector investment in the manufacturing industry, as highlighted by a top official during the Riyadh International Industry Week 2024.
Strategic Partnerships Key to Industrial Development
Deputy Minister of Industry and Mineral Resources for Industrial Affairs, Khalil bin Salamah, emphasized the importance of partnering with non-government bodies to achieve industrial development in Saudi Arabia. He stressed the significance of building strategic partnerships with the private sector to drive economic growth and overcome obstacles.
Boosting Private Sector Investments
Private sector investments in Saudi Arabia’s industrial field have more than doubled in the first quarter of 2024, exceeding SR7 billion ($1.8 billion), according to a report by MODON.
Focus on Petrochemical Industry
Bin Salamah highlighted the Kingdom’s leadership in the petrochemical industry and efforts to expand supply chains to support economic growth. The Ministry of Industry and Mineral Resources is collaborating with the Ministry of Energy to enhance integration of petrochemical supply chains.
Industrial Strategy and Economic Diversification
Saudi Arabia’s industrial strategy aims to strengthen the industrial base and diversify the economy, with a focus on attracting private sector investments. The deputy minister stressed the pivotal role of the industrial system in enabling growth and development through infrastructure development and investment in joint projects.
Creating Industrial Momentum
The Ministry is committed to creating continuous industrial momentum in the Kingdom, with the Industry Week featuring major exhibitions showcasing different sectors under one roof. This includes Saudi Plastics & Petrochem, Saudi Print & Pack, Saudi Smart Manufacturing, and Smart Logistics Services.