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Minister of Industry and Mineral Resources, Bandar Alkhorayef
Minister of Industry and Mineral Resources, Bandar Alkhorayef revealed that Saudi Arabia is negotiating with the world's major companies, including companies in the automotive and pharmaceutical sectors, such as Pfizer, AstraZeneca, Moderna, and others, to build capabilities in the Kingdom.
In an interview with Al-Arabiya TV channel on the sidelines of the Davos Forum, Alkhorayef added that incentives will be offered to companies to invest in Saudi Arabia, especially in key sectors such as food security and health security, including financial incentives and market-guaranteed incentives such as purchase agreements, which guarantee the existence of demand for the products that are manufactured.
"The big companies should look at Saudi Arabia seriously as a vital option, not only to meet the local market, but also to launch into the world in view of the Saudi industrial trends to diversify the industrial base," Alkhorayef said.
The investment in electric car companies such as “Lucid” and “Ceer” comes in order for Saudi Arabia to be well-positioned in the transformation of the energy mix. Furthermore, Lucid targeting the export of 80% of the plant's production shows that Saudi Arabia is in a key geographical location that enables access to global markets, he added.
The minister also stressed that investments in the mining sector amounted to $32 billion in 2022, expecting larger investments during the current year. He also said this year will be full of investors’ aspirations to learn more about the targeted sectors in the national strategy for industry, through which the Kingdom aims to make the investment climate attractive to local and foreign investors.
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