Deputy Minister Khalil bin Salamah drives private sector industrial growth

Saudi Arabia is actively working to enhance private sector investment in the manufacturing industry to leverage the country's rapid growth. Deputy Minister of Industry and Mineral Resources for Industrial Affairs, Khalil bin Salamah, has stressed the significance of collaborating with non-government entities to drive industrial development in the Kingdom. Strategic partnerships with the private sector are deemed essential for economic expansion, with the integration of government and non-government entities aiding in overcoming obstacles.

The Kingdom has experienced a notable surge in private sector investments in the industrial sector, surpassing SR7 billion ($1.8 billion) in the first quarter of 2024. The national industrial strategy revolves around forming alliances with the private sector, fostering a business model that encourages cooperation within the industrial framework.

Saudi Arabia is dedicated to increasing private sector investments to promote collaboration between core and transformational companies, leading to business growth and the emergence of new opportunities. Initiatives are in progress to optimize production capacities and improve petrochemical supply chains to tackle challenges related to material availability and competitiveness.

The Kingdom's strong foothold in the petrochemical industry enables the extension of supply chains to bolster economic growth and enhance associated sectors. Collaboration among the Ministry of Industry and Mineral Resources, the Ministry of Energy, and the government is aimed at fortifying the sector by enhancing the integration of petrochemical supply chains.

By ensuring the availability and competitiveness of petrochemical materials for specialized product manufacturing, Saudi Arabia aims to propel sectoral growth and enhance supply chain integration. The country's industrial strategy concentrates on fortifying the industrial foundation and diversifying the economy, with private sector investments playing a pivotal role in this vision.

The industrial ecosystem in Saudi Arabia is crucial for facilitating growth and progress in the sector by improving integration between sectors, developing infrastructure, and encouraging investment in collaborative projects. Industry Week features major industrial exhibitions such as Saudi Plastics & Petrochem, Saudi Print & Pack, Saudi Smart Manufacturing, and Smart Logistics Services, all geared towards fostering industrial momentum in the Kingdom.

Saudi Arabia's proactive approach towards boosting private sector investment in the manufacturing industry underscores its commitment to economic development and industrial advancement. By fostering partnerships with the private sector and focusing on enhancing supply chain integration, the Kingdom is poised to strengthen its industrial base, drive sectoral growth, and create a conducive environment for business expansion and innovation.