Development of the industrial and manufacturing sectors can make Saudi Arabia a global hub, Bandar Alkhorayef tells WEF
Development of the industrial and manufacturing sectors can make Saudi Arabia a global hub, Bandar Alkhorayef tells WEF
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Davos: The Kingdom's plans to become a hub for global manufacturing, which will transform its industrial base, are well under way, according to plans outlined in Saudi Arabia's Vision 2030 strategy, the country's industry and minerals minister said on Tuesday.

"We will see more complexity, more advanced products," Bandar Alkhorayef predicted at the World Economic Forum in Davos.

"We will be able to utilise the natural resources that we currently have, whether they be minerals, oil, or gas, for more advanced productivity, which will increase the value of the nation," he continued.

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According to Alkhorayef, the upheaval of recent years, such as the COVID-19 pandemic and the war in Ukraine, presents opportunities as well as challenges for nations like Saudi Arabia.

"We can be a serious player in luring investments in manufacturing," he continued. "With our great location, access to different markets (and natural resources), as well as our most important asset — our people and our talent."

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"We're placing a wager on technology. Advanced manufacturing is essential because, in our opinion, technology will let us advance faster into the future. "Artificial intelligence, 3D printing, and other technologies will enable us to create the kinds of jobs we want to see for our children and their children in the future."

Alkhorayef stated that according to the Saudi government, it should "enable" financial investments in the manufacturing and industrial sectors.

Governments can accomplish similar goals in three ways, according to him: by ensuring an appropriate regulatory framework for investments; by having a strong connectivity infrastructure to build "factories of the future;" and by fostering human capital by ensuring education and training.

Also Read: Report: Saudi Arabia will receive more FDI than the UAE in 2023

Creating a "global citizen" who "would not only have opportunities in Saudi Arabia, but be able to work anywhere else" is the goal, according to Alkhorayef.

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