Logo of the Ministry of Industry and Mineral Resources
The automotive industry in Kingdom will boost the local industrial sector and create 60,000 direct and indirect jobs by 2030, Abdulaziz Al-Ahmadi, Assistant Deputy Minister of Industry and Mineral Resources, told Al Arabiya TV.
He added that the National Strategy for Industry (NIS) expects the sales of light vehicles in Saudi Arabia to grow by 2.2% in the next decade, to reach 800,000 vehicles by 2030.
The agreement recently signed by the ministry with Hyundai Motors aims to bring knowledge to the Kingdom, develop workforce, and focus on value-added products, Al-Ahmadi noted.
He added that the Saudi market will benefit from manufacturing locally, and the Kingdom will focus on exporting vehicles and products from other sectors in Saudi Arabia, which are targeted by NIS.
The Ministry of Industry and Mineral Resources has recently signed a memorandum of understanding with Hyundai to advance automotive production in the Kingdom. The move comes in line with NIS strategic objectives to develop the capabilities of local manufacturing, according to data available with Argaam.
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