Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the ministry is studying energy and electricity prices for factories.
“The ministry will remain close to the private sector and enhance the relationship with it in a move to motivate investors,” Alkhorayef said during a meeting on the Saudi budget for 2020.
The minister added that Saudi domestic industrial products are in demand globally.
He also noted that Saudi Arabia’s EXIM Bank will start operating very soon, stressing that it will not compete with commercial banks, as it will be operating in markets that are not funded by them.
Read: Saudi EXIM Bank said to start operations soon
As regards the mining system, Alkhorayef said that further legislations will be issued in the near future.
The minister affirmed that the Kingdom is a huge market and added that it is time to localize products.
Saudi Arabia approved a bundle of decisions in support of the Kingdom’s industrial sector, the minister said.
Argaam has previously published these decisions.
Read more: Industry minister says energy, electricity fees ‘unchanged’
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