Alkhorayef calls on Chinese firms to invest in automobiles, aircraft industries

Bandar Alkhorayef Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources, Bandar Alkhorayef, called on Chinese companies to invest in promising industrial sectors that the National Industrial Strategy aims to localize and develop, with a focus on key areas such as automobiles, food, pharmaceuticals, and aircraft.

According to a ministry statement, Alkhorayef explained that Saudi Arabia is seeking companies that can boost investment in strategic industrial sectors needed by the Kingdom and develop supply chains. These sectors include automobiles, aircraft, food, pharmaceuticals, machinery, and equipment, as well as industries related to renewable energy.

Additionally, demand for buses, trucks, and light transport vehicles is expected to grow in the coming years.

The minister also highlighted the enablers, incentives, and services offered by the Kingdom to industrial investors, including developed industrial land, industrial financing, workforce training, and incentives for certain targeted industries. The government also prioritizes local products in its procurement processes.

Alkhorayef pointed out Saudi Arabia's desire to strengthen its economic ties with China, particularly in the industrial and mining sectors, as part of its efforts to diversify the economic base.