Riyadh, July 16, 2024 – In a significant move to strengthen its industrial landscape, Saudi Arabia's Private Sector Partnership Reinforcement Program (Shareek) Center recently hosted an Industrial Strategic Workshop in Riyadh. The event, which brought together key government officials and industry leaders, aimed to empower major industrial companies and align their growth with the Kingdom's Vision 2030 objectives.

Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, emphasised the crucial role of the Shareek program in addressing challenges faced by private sector companies during the implementation of their investment plans. He highlighted how this initiative contributes to national economic growth and diversification of income sources, in line with Saudi Arabia's ambitious Vision 2030 strategy.

The workshop showcased the industrial and mineral resources ecosystem's impressive array of capabilities and incentives for investors. Alkhorayef revealed that there are 100 enablers and incentives designed to help major companies capitalise on qualitative investment opportunities in these sectors. These include a dedicated committee to assist exporters in overcoming financial and logistical hurdles.

A key focus of the ministry, as outlined by Alkhorayef, is the localization of jobs in the industrial sector. This involves collaboration with both government and private entities to develop national human resources and provide training in cutting-edge industrial technologies, ensuring a sustainable industrial future for the Kingdom.

The event also highlighted the strong cooperation between the Ministry of Industry and Mineral Resources and the Ministry of Investment. This synergy has significantly enhanced the investment environment, making it more attractive to both local and foreign investors. Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, was also present at the workshop, underscoring the government's commitment to this collaborative approach.

Participants at the workshop explored various ways to empower major companies in the industrial sector and reviewed investment opportunities. The discussions also centred on promising industries that are the focus of the National Industrial Strategy. Furthermore, the workshop shed light on the services and initiatives provided by the industrial and mineral resources ecosystem to foster public-private cooperation and boost companies' local investment plans.

This Industrial Strategic Workshop is a significant step in Saudi Arabia's journey towards industrial empowerment and economic diversification. By bringing together government officials, industry leaders, and major companies, the Kingdom is fostering a collaborative environment that promises to drive innovation, create jobs, and contribute substantially to achieving the goals set out in Vision 2030. As Saudi Arabia continues to invest in its industrial capabilities and human resources, it is positioning itself as an increasingly attractive destination for both domestic and international investors in the industrial and mining sectors.