Saudi Arabia is focusing on attracting increased private sector investment in its manufacturing sector, aiming to leverage the kingdom’s recent economic growth, as stated by Deputy Minister of Industry and Mineral Resources for Industrial Affairs, Khalil bin Salamah.

During the second day of the Riyadh International Industry Week 2024, Bin Salamah highlighted the significance of partnerships with private entities in accomplishing the kingdom’s industrial development objectives.

He highlighted the success of existing collaborations, citing a recent report by the Saudi Authority for Industrial Cities and Technology Zones (MODON), which revealed a doubling of private sector investment in the first quarter of 2024, surpassing $1.8 billion.

The Deputy Minister emphasized the collaborative nature of the national industrial strategy, noting that it was developed with substantial input from the private sector.

This partnership-based approach extends to the broader industrial system, where the government aims to cultivate closer cooperation between established and innovative companies.

Bin Salamah also discussed efforts to maximize current production capacities. A dedicated committee actively integrates petrochemical supply chains and addresses material availability and competitiveness challenges. He encouraged industry participation in these endeavors, seeking solutions to ensure a consistent supply of competitively priced materials for specialized production.

The Deputy Minister highlighted the industrial system’s critical role in propelling growth and development. He emphasized the importance of sectoral integration, infrastructure development, and joint ventures across various industries.