Minister of Industry and Mineral Resources Bandar Al-Khorayef recently highlighted the significant role that small and medium enterprises (SMEs) play in Saudi Arabia’s industrial and mining sectors, stating that 90% of companies operating in these sectors fall within this category. Speaking at the “Industry and Mineral Resources Pioneers” week organized by the General Authority for Small and Medium Enterprises “Monsha’at,” Al-Khorayef emphasized the importance of pioneering projects and the contributions they make to the industry.
Al-Khorayef highlighted the effectiveness of industrial technical applications in solving problems faced by large industries, noting that technologies developed by innovators and entrepreneurs have proven to be valuable assets. In the mining sector, technologies have helped address various challenges such as mine preservation, environmental protection, safety, and productivity. With the support of the leadership, the industry is now more accessible to a broader range of players, leading to greater integration within the sector.
The minister emphasized that the role of the industry system extends beyond just facilitating the entry of investors and entrepreneurs into the sector. It also involves supporting the continuity of projects to help investors navigate challenges and understand the process of establishing and maintaining successful ventures. Al-Khorayef highlighted the various services available in the industry system, ranging from licensing to financing, which are designed to streamline the process for entrepreneurs.
Al-Khorayef drew attention to the abundant opportunities present in the industrial sector, particularly in the mining industry. He encouraged entrepreneurs to explore the opportunities available in the sector, which is experiencing a growing trend towards investment. The Ministry has developed over 100 incentives and initiatives aimed at supporting entrepreneurs and SME owners in the industrial and mining sectors, providing them with resources and assistance to help them succeed.
The dialogue session highlighted the potential for growth and innovation in the industrial and mining sectors, driven by the efforts of entrepreneurs and innovators. By leveraging technology and developing sustainable practices, companies in these sectors can enhance their productivity, safety, and environmental impact. With the support of the government and various incentives available, entrepreneurs have the opportunity to thrive in these sectors and contribute to the overall growth of the economy.
In conclusion, Minister Al-Khorayef’s remarks underscore the importance of SMEs in the industrial and mining sectors and the significant role they play in driving innovation and growth. By harnessing technology, embracing sustainability, and capitalizing on the opportunities available, entrepreneurs can make a meaningful impact in these sectors. With the support of government initiatives and a conducive business environment, the industrial and mining sectors in Saudi Arabia are poised for continued growth and success.
