RIYADH: Saudi Arabia’s Minister of Industry and Mineral Resources has emphasized the importance of industrial and mining sectors in achieving the country’s Vision 2030 goals of economic diversification.
At the UN Industrial Development Organization Multilateral Industrial Policy Forum panel discussion in Riyadh, Bandar Alkhorayef said that the Kingdom’s vision encompasses economic diversification, underlining that from the initiative’s beginning, it was evident that sectors like industry and mining held the greatest potential for achieving this diversification.
He underscored Saudi Arabia’s demographic advantage, with the majority of the population under 30, as a significant asset for the nation’s future. “We have a country that’s full of young people. This is a great asset to be used and considered,” he said.
Alkhorayef outlined the Kingdom’s strategy of focusing on 12 key sectors, grouping them into three pillars. The first group includes national security and resilience divisions, such as food security, pharmaceuticals, water security, and defense.
The second pillar focuses on leveraging Saudi Arabia’s competitive advantages, particularly its natural resources like oil, gas, petrochemicals, and minerals. “We have two very important competitive advantages: our natural resources and our geographical location,” he said.
He added that Saudi Arabia’s strategic position enables it to become both an industrial powerhouse and a global logistics hub, with downstream chemicals and metal refining playing key roles.
The third group of products emphasizes research, innovation, and human capital development. “How can we ensure that Saudi Arabia is well positioned to take advantage of the next trend?” Alkhorayef questioned, highlighting the need for readiness in the face of rapid global change.
The panel also focused on regional collaboration, with Alkhorayef highlighting that Saudi Arabia and the UAE are well-positioned to attract investments in key sectors. “We are working with investors in both ways to ensure that investments do come to the sector, to ensure also the right investment coming in terms of the right product, but be very mindful of choosing the right technology,” he said.
He further emphasized Saudi Arabia’s global ambitions, saying: “We are building manufacturing for the future, and it’s not only for Saudi Arabia, it’s for the region, for the global community.”
Bahrain’s Minister of Industry and Commerce Abdulla Adel Fakhro praised the Kingdom’s leadership in industrial transformation.
“Saudi Arabia today is leading the region in transforming their industrial sector, and this is something we are very proud of,” Fakhro said.
He also shared Bahrain’s progress, citing the country’s industrial strategy launch in 2022, which focuses on the Fourth Industrial Revolution, digital technology, environmental, social, and governance awareness, and supply chain efficiency.
Oman’s Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef discussed his country’s diversification efforts to make manufacturing one of the top five sectors driving the country’s economy away from reliance on oil and gas.
