Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah highlighted the Kingdom’s strong position in the industry globally, revealing that over 10,000 industrial leaders from around the world gathered at the Riyadh International Industry Week 2024, which kicked off on Monday.
Bin Salamah stressed that Saudi Arabia aims to boost its manufacturing sector, especially in specialized chemicals, which could greatly contribute to the economy by creating more jobs and increasing exports.
He said the strategy includes focusing on 39 priority commodities such as building chemicals and automotive components.
During the event’s second day, held at the Riyadh International Convention and Exhibition Center on Tuesday, the minister emphasized Saudi Arabia’s leadership in the petrochemical industry, which plays a crucial role in driving economic growth and supporting related industries, such as automotive and pharmaceuticals.
Bin Salamah added that his ministry is working closely with the Ministry of Energy and other government bodies to strengthen the petrochemical supply chains in Saudi Arabia.
This involves ensuring a steady and competitive supply of petrochemical materials for producing specialized products, boosting growth, and exports in the sector.
They’re also focused on building specialized industrial complexes that link up with raw material sources or demand centers, offering infrastructure and services to specific industrial clusters.
They have various initiatives in place, including product development, promoting local content, and empowering exports.
“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,” emphasized Bin Salameh.
“We’re currently working on maximizing production capacities by integrating petrochemical supply chains. This involves addressing challenges related to petrochemical materials. We urge all sector companies to join us in tackling challenges and finding solutions,” he explained.
He stressed that Saudi Arabia aims to bolster its industrial base and diversify the economy, with private sector investment being crucial.
