RIYADH: As part of efforts to enhance exports and align with Vision 2030 objectives, Saudi Arabia’s minister of industry and mineral resources has reaffirmed the country’s commitment to attracting SR1 trillion ($266 billion) in industrial investments.
Speaking at the second edition of the “Made in Saudi” exhibition, Bandar Alkhorayef emphasized that the majority of funds will be directed toward bolstering exports. The target, first introduced in early 2019, seeks to position the Kingdom as a significant industrial and global logistics hub.
Throughout the years, the ministry has undertaken various initiatives to drive the country’s manufacturing sector, focusing on exports.
“In 2022, the number of exporting companies reached 5,600 companies, with a total value of non-oil exports amounting to SR314 billion, reaching more than 170 countries, including the G20 countries,” Alkhorayef said.
“This undoubtedly enhances the role of the ‘Made in Saudi’ exhibition, which today includes under its umbrella more than 2,000 national companies,” the minister added.
He also said that this edition of the event will witness the launch of Export Houses, which is designed to assist exporting companies in accessing global markets easily and quickly, providing integrated services and linking exporters and importers.
Alkhorayef stressed the strength of Saudi Arabia’s industrial base in responding to crises and the importance of creating an identity for the country’s industry to compete locally and globally.
During his speech, he highlighted that the Kingdom produces products meeting the highest specifications and quality standards, with competitive prices both domestically and internationally.
He also emphasized the collaboration and integration between government sectors in this edition of the exhibition.
The “Saudi Craftsmanship” event at the Roshn Front is scheduled to take place from Oct. 16 to 19 under the patronage of Alkhorayef.
Its objective is to bring together the nation’s prominent industries, services, and innovations in alignment with the goals of Saudi Vision 2030 to drive economic growth.
The exhibition is also projected to create opportunities for companies to boost their profiles and attract international investors. It features workshops and panel discussions and is witnessing the participation of representatives attend from government and industry.
