An initiative led by the Private Sector Partnership Reinforcement Program, known as Shareek, orchestrated a pivotal Industrial Strategic Workshop this past Monday. The event was orchestrated to bolster the capabilities of significant players in the industrial realm.
Notables including Khalid bin Abdulaziz Al-Falih, Minister of Industry and Mineral Resources, and Bandar bin Ibrahim Alkhorayef, alongside various industry chiefs, were in attendance.
The gathering underscored the Shareek program’s vital role in navigating the hurdles private enterprises encounter as they roll out their investment agendas. The program’s objectives are aligned with the ambitious Saudi Vision 2030, aiming to diversify the Kingdom’s revenue streams and spur economic growth.
Minister Alkhorayef shone a light on the abundant incentives and support mechanisms available within the industrial and mining sectors’ ecosystem, designed to allure investors. He highlighted a suite of 100 enablers and incentives tailored to help major companies capitalize on unique investment prospects while tackling potential challenges.
Among the discussed enablers was a dedicated committee to aid exporters in surmounting financial and logistical impediments. Additionally, the focus was placed on job localization within the industrial domain, as well as partnership with both governmental and private entities to cultivate national talent. Emphasis was also given to training this workforce in state-of-the-art industrial technologies, ensuring a robust and sustainable sector.
Al-Falih applauded the synergistic efforts between the Ministry of Industry and Mineral Resources and the Ministry of Investment, which have collectively enhanced the investment landscape, rendering it more enticing to both domestic and international investors.
The workshop delved into strategies that empower heavyweight industrial firms, canvassed the sector’s investment opportunities, and cast a spotlight on burgeoning industries as part of the National Industrial Strategy. Furthermore, it showcased the array of services and initiatives set forth by the industrial and mineral resources ecosystem to foster public-private collaboration and amplify local investment endeavors.
