Pumping new investments in the industrial sector worth 23 billion riyals

The Ministry of Industry revealed the injection of investments worth 23 billion riyals last year through the issuance of licenses for 903 new factories, while about 515 actual factories entered the scope of production, and indicated that the number of factories increased to 9681 factories, while the total investments in the sector increased to 1.1 trillion riyals, according to According to the Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, the Saudi industry is highly reliable in the global markets, and his ministry is building on the previously existing gains in a number of sectors, and working to develop and develop them and transfer domestic consumption from import to the localization of industry, and the exploitation of the distinguished geographical location, and infrastructure Integrated and high purchasing power to attract quality investments. The “Made in Saudi” program is one of the most important programs that the industry system works on to encourage local production and create a commercial identity to promote national products and services. The program aims to strengthen the link with the Saudi product, whether at home or abroad, by drawing A positive mental image of it among consumers and those dealing with it, and enhancing the desire of citizens and residents to consume and prefer a According to Al-Khareef, the industrial and mining sectors share a number of characteristics, namely the need for capital and long-term investment, and the Cabinet approved more than a year ago the establishment of an independent Ministry of Industry in order to raise the sector’s contribution to the GDP to 15% , Compared to 10%, diversifying the production base and limiting imports from abroad. This response came after many demands to support the national industry in light of the fierce competition it is exposed to at home and abroad.

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