Saudi Arabia bets on becoming key contributor to global supply chains: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Saudi Arabia is certain to become one of the major countries in the world to contribute to supply chains in general, Minister of Industry and Mineral Resources Bandar Alkhorayef said at the Supply Chains and Logistics Conference 2023.

During the fifth session of the conference, the minister said that in addition to the Kingdom’s distinguished geographical location, which allows it to connect with all countries, there is its industrial strategy.

Alkhorayef also said that the industrial strategy is based on large and strong capabilities that make the Kingdom more adept at being in harmony and also maximize economic benefit, in order to leverage the potential of the local and regional markets.

It also paves way for Saudi Arabia to be a major player to supply many final or intermediate products, the minister said, adding that this can only be achieved with the presence of strong logistical services and the study of supply chains and different value chains.

Furthermore, there is an initiative by the ministry to study 9,000 products in detail for all supply chains, and where the Kingdom can be a major player through its location, whether from raw materials to conversion into some products that require energy or metals.

In all the sectors identified by the industrial strategy, there is a clear program for ways for the Kingdom to participate in supply chains. In some sectors, such as petrochemicals, there is the ability to participate in most stages of the chain, while in the mining sector, the Kingdom has proven to the world that it is possible for one country alone to maximize the benefits in a way complete, he stated.

Alkhorayef further said that the Kingdom has successfully created the auto sector in a short period, adding that it is discussing with a major international automobile company to manufacture its cars in the Kingdom.