RIYADH — Minister of Industry and Mineral Resources Bandar Al Khorayef, who is also the chairman of the Board of Directors of the Saudi Authority for Industrial Cities and Technology Zones (MODON), met with a number of investors in industrial sector in Asir to discuss challenges and opportunities of industrial investment in the region. During the meeting, industrial development plans were reviewed in accordance with the National Strategy for Industry to consolidate the goals of the Kingdom's Vision 2030, in addition to reviewing enhancing services provided for the region's people, as well as to make Asir an attractive investment destination. Al Khorayef reviewed the capabilities of the National Strategy for Industry in the industrial sector and its objective to advance the main sectors, and maximize industrial production in sectors that depend on natural resources, such as mining. Furthermore, strengthening the benefit of logistical services and exports, based on Saudi Arabia's geographical location, and the Kingdom's presence in a strategic location between three continents. He also said that the capabilities of the strategy will advance the move towards future industries such as renewable energy, electric cars, as well as the Kingdom's readiness to compete in regional and global competition, by creating a stimulating environment for investment in it, and providing the capabilities and supporting strategies. MODON and a number of agencies from the industry system are moving forward toward achieving the national objectives by expanding partnerships with both private and public sectors, enhancing mechanisms of research, development and innovation. This is in addition to providing industrial enablers and incentives, as well as support and financing programs, the minister pointed out. He added that the two parties are also seeking to adopt the technologies of the Fourth Industrial Revolution and their applications, to enhance industrial productivity in 12 promising sectors that contribute in meeting national needs, and supporting the national export system, local content and its tools. "This will maximize returns from government purchases, and attract new national and foreign investments." Al Khorayef said. The minister indicated that the Ministry would work in partnership with the Aseer Development Authority (ASDA) to enhance industrial development in the region, by linking development projects related with the region's strategy to the objectives of the National Strategy for Industry. It will also work to attract and localize investments in industries targeted by the Asir region based on its strategic objectives, with the participation of the private sector due to its major role. The minister confirmed that the Ministry has worked on more than 100 enablers for investors in the industrial sector over the past years regarding exports, made in Saudi Arabia, local content, protection from unfair competition, as well as training and qualification, and other aspects. He added that the government pays comprehensive attention to industrialists, owners of small and medium enterprises, and entrepreneurs. MODON provides prefabricated factories product, which is an important enabler for the small investor to start his project and accelerate the production process, the minister said. He added that there is a project to implement 40 prefabricated factories in the first industrial city in Asir. The minister has also paid a visit to the first industrial city in Asir to supervise the progress of work and production in a way that serves the development movement and increases the development of Saudi industry. Al Khorayef also inaugurated the Industrial Orthopedic Company factory, which specializes in manufacturing medical products and consumables, on an area exceeding 4,000 square meters, with investments amounting to SR40 million. He also visited the Diana Medical Factory Company for manufacturing blood glucose measuring devices and strips, which has an area of 5,000 square meters, and whose investments are estimated at about SR130 million. It is noteworthy that the Asir region witnessed the launch of the second industrial city on an area of 17.3 million square meters, in a strategic partnership with the Aseer Development Authority (ASDA). A number of agreements and Memorandums of Understandings (MoUs) were also signed, with investments amounting to SR513 million through the allocation of lands and the launch of projects that support the development of infrastructure and services.
