The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, said that the figures for the industrial sector are currently only the beginning because Vision 2030 established the growth of the various sectors of the country, and there is a large and very important mixture of capabilities for the industrial sector that guarantees it the continuity of growth and the growth of investments and employment opportunities, in addition to the necessary legislation and strategies So.
The minister added in an interview with Al-Arabiya, on the sidelines of the 2022 Budget Forum, that we are witnessing a major change in the local product and export, and there are clear and clear channels and law to enable the sector from the purchasing power of the government, and important initiatives for exports at the level of the Export-Import Bank and the Export Authority.
The Minister of Industry explained that the Export-Import Bank has financed more than 1.2 billion riyals of operations this year, and its capital of 30 billion riyals shows a large growth area in financing.
He pointed out that the bank plans to enter into export insurance to help exporters mitigate export risks.
Bandar Al-Khorayef said that there is a very big plan and strategy for the localization of industries headed by the Crown Prince, which includes very ambitious goals to make the Kingdom not only manufacture what it needs, but also to be a global export destination for many industries.
The minister said that the pandemic has strengthened the work to localize the health sector, and we have a clear plan to localize medicines, medical equipment, vaccines and vital medicines through an integrated program to stimulate these industries, whether existing factories or bringing investments to international companies to the Kingdom.
He explained that many investors in the past used to hear many initiatives, but did not see them on the ground, but the structure currently shows that everything that has been done gives results on the ground, because governance has become clear, and there is also clarity to obtain additional benefits.
The Minister of Industry said that he is currently very optimistic with the presence of serious investors who are aware of what is going on in the industrial sector and that these initiatives are enough to grow their investments in the Kingdom and open up export opportunities around the world.
The Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, revealed yesterday that the mining sector managed to achieve the highest revenues in its history exceeding 727 million riyals, an increase of more than 27% compared to last year, while the Industrial Fund recorded the highest disbursement amounts since its establishment, amounting to up to 10 billion riyals in the sectors of industry, mining, energy and logistics.
