Saudi Crown Prince has called for change in approach in industry sector: Al-Khorayef

JEDDAH — Saudi Arabia's industrial and mineral resources sector is going to play a key role as the Kingdom embarks on an important journey to achieve ambitious goals of Vision 2030, Minister of Industry and Mineral Resources Bandar Bin Ibrahim Al-Khorayef said on Thursday.

He said that Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, has made it clear the Saudi economy is pinning its hopes on the industrial and mineral resources sector and the crown prince is taking a keen interest in it.

Speaking at a virtual meeting with the president and members of the Saudi Journalists’ Association, Al-Khorayef said that Crown Prince Muhammad Bin Salman has called for a change of approach in the industrial sector, stressing that the sector has a great challenge ahead as it has to compete with other sectors to be the first attraction for investors.

He stressed that the Kingdom’s Vision 2030 foresees a qualitative leap in the sector making the most of natural resources, and there is a strategy at the ministry that is based on several distinct factors, namely: the strategic location of the Kingdom, natural resources, available financial capabilities, and human capabilities.

As to geological surveying, he stressed that Saudi Arabia has begun planning to invest in the field and expand it to include vast areas of the Kingdom. This is with the aim of exploring natural resources and maximizing the benefits from them. He added that this will enable investors to choose the area and the type of minerals in which they wish to invest.

In reply to the remarks and comments during the meeting, the minister explained that Saudi industrial products are of high quality, and there is a project at the Export Authority named "Made in Saudi Arabia" to stimulate national industries and attract consumers to purchase their products.

We are currently working on the project and it is being keenly watched by Crown Prince Muhammad, Al-Khorayef said.

With regard to the availability of products locally, he said that during the novel coronavirus pandemic, the Kingdom was one of the few countries in which basic products were available in abundance, "and we did not suffer, like many countries, due to shortages in food requirements, consumer products and medicines."

He asserted: “The state believes in the opportunities available in the industrial sector, and the Crown Prince is keen on maximizing the benefits from them and their impact on the national economy, and Crown Prince Muhammad Bin Salman believes in the capabilities of the nation's sons and daughters. He always directs us to empower them and employ their capabilities, in a way that benefits society and the national economy."