The Deputy Minister of Industry and Mineral Resources of Saudi Arabia, Khalil bin Salamah, recently shone a light on the country’s substantial global industrial influence. The Riyadh International Industry Week 2024, which began on Monday, has attracted over 10,000 industrial leaders from across the globe.
With an intent to enhance the manufacturing sector, bin Salamah pointed out the Kingdom’s focus on specialized chemicals production, a move poised to create jobs and increase export volumes. He identified 39 priority commodities, such as construction chemicals and vehicle components, as central to this strategy.
On the second day of the event at the Riyadh International Convention and Exhibition Center, the minister highlighted the Kingdom’s dominance in the petrochemical sector, an industry integral to economic prosperity and the advancement of related sectors like automotive and pharmaceuticals.
Bin Salamah elaborated on the collaborative efforts with the Ministry of Energy and other governmental entities to fortify the petrochemical supply chains within the nation. This includes guaranteeing a consistent, competitive supply of petrochemical inputs for the production of specialized commodities, which will stimulate growth and exports in this domain.
The government’s strategy also encompasses the establishment of specialized industrial complexes strategically located near either raw material sources or demand hubs. These complexes will provide infrastructural support and services to certain industrial clusters.
Initiatives in progress cover a range of strategies including product development, promotion of local content, and enhancing export capabilities.
We aim to lead private sector investment in manufacturing industries and capitalize on the Kingdom’s rapid growth. Collaboration between basic and advanced companies is key to developing businesses, creating opportunities, and driving targeted transformation,
Bin Salameh asserted.
He also mentioned the ongoing efforts to amplify production capacities through the integration of petrochemical supply chains, addressing challenges pertaining to petrochemical materials. He invited sector companies to join in overcoming these challenges and devising solutions.
In conclusion, the minister emphasized Saudi Arabia’s commitment to strengthening its industrial base and diversifying its economy, with an emphasis on the critical role of private sector investment.