RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said that Saudi Arabia has concluded an agreement with the international metal trading company London Metal Exchange to establish warehouses and delivery centers for its metals in Saudi Arabia. “The Kingdom has worked to establish a very large base for the military industries sector, and the Public Investment Fund (PIF) is an important partner in this respect,” he said while attending the second edition of the PIF Private Sector Forum in Riyadh on Tuesday.
Addressing the session titled “The role of the private sector in realizing Vision 2030,” Alkhorayef announced the launch of the first of its kind National Academy of Vehicles and Cars that aimed to develop capabilities in the electric vehicles industry. He also announced the establishment of a new Automotive Manufacturers Association to boost the growth of the industrial sector.
“Without the support of the PIF, we would not have been able to start the automobile industry in Saudi Arabia and bring in a larger number of international companies in this industry and its associated supply chains,” he said while emphasizing that the ministry aims to provide solutions to protect the interests of manufacturers and scientists.
Alkhorayef said the ministry is working along with PIF and the private sector to study the value chains of 11,000 products so that the Kingdom becomes an important competitor and player in these products. He also highlighted the role of major companies such as Ma’aden, as their role is important in supporting the mining sector and enhancing the Kingdom’s position in mining products.
The minister said that Saudi Arabia is one of the most important regions in the world to invest in the mining sector directly and in related sectors, and it has become an important station to attract the world to discuss the challenges and opportunities of this sector. He pointed out that there are great job opportunities with the PIF in most sectors, especially with the Fund’s role in the main sectors that need its support because they require large capital and will create a high level of demand and job opportunities.
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