AlKhorayef says National Industry Strategy to focus on industrial goods

Minister of Industry and Mineral Resources Bandar AlKhorayef 

Saudi Arabia’s National Industrial Strategy was not limited to focusing on the industrial businesses but went beyond to identify a bundle of industrial goods within the sector on which the Kingdom's resources should be focused, Saudi Press Agency (SPA) reported, citing Bandar AlKhorayef, Minister of Industry and Mineral Resources.  

The new initiatives have been developed within the strategy to support local and international investors, the minister said, adding they focus on small and medium-sized enterprises (SMEs) to strengthen and expand the scope of existing initiatives in the National Industrial Development and Logistics Program (NIDLP). 

AlKhorayef stated that work has been done to develop special initiatives for 12 industrial activities, such as food, medicine, medical equipment, marine industries, etc. 

National Industry Strategy was based on three main objectives: starting with building a flexible and attractive national industrial economy for investment, passing through the formation of an integrated regional industrial hub to meet global demand to achieve leadership in the manufacture and export of high-tech products that contribute to securing global supply chains. 

The minister pointed out that the strategy includes more than 136 initiatives, including a package of industrial goods, as well as enabling initiatives for the industrial sector. 

The new initiatives are concerned with soft loans to finance advanced manufacturing capabilities and provide incentive packages to attract global investors and ensure the acceleration of the pace of knowledge acquisition in diverse fields characterized by exclusive intellectual property rights. 

In addition, the National Industry Strategy identified, reviewed, and developed the most important policies affecting the sector in order to empower the whole business. 

Crown Prince Mohammed bin Salman launched, on Oct. 18, the National Industry Strategy, after being approved by the Saudi Cabinet, Argaam repoted.