RIYADH: As the Kingdom’s economy is performing exceptionally well, Minister of Industry and Mineral Resources Bandar Alkhorayef, said foreign investors are keen on entering the Saudi market.
He was speaking at a meeting with members of the National Industrial Committee at the ministry’s headquarters in Riyadh.
“There is a great interest from foreign investors to enter the Saudi market, which was clearly felt during the World Economic Forum in Davos 2023,” Alkhorayef said.
The minister said the increase in interest from global investors is the result of the Kingdom’s efforts to create new opportunities in different sectors and ensure a “transparent and fair” environment conducive to business.
During the meeting, the minister tapped on several topics including the performance of the industrial committee as well as the coordination between the ministry and the relevant authorities.
The meeting also addressed issues related to the cost of government fees on the industrial sector and strategies related to industrial cities.
The minister highlighted some of the key achievements of the National Industrial Committee, the most prominent of which is the abolition of export restrictions on some products.
The committee also reviewed the challenges faced by the industrial sector including those revolving around zakat regulations and land issues such as the condition of factories outside the areas designated for industrial use as well as industrial land ownership.
Participants of the meeting also discussed ways to facilitate investors to establish and operate factories within cities.
The committee aims to set up frameworks and mechanisms to tackle challenges faced by the industrial sector.
It also seeks to enable cooperation between the government and private sectors to exploit opportunities that will enhance the pace of industrial development.
The committee aims to contribute to the development of the regulatory and economic environment of the industrial sector and increase industrial and ethical environmental awareness.