The Council of Saudi Chambers (CSC) and the Public Investment Fund (PIF) agreed this week to establish a joint working group to support the industrial sector.

The agreement was reached between the national industrial committee at the CSC and the PIF to support the industrial sector in the Kingdom. The agreement entailed forming a joint teamwork that seeks the best mechanisms to support the sector, with a focus on developing SMEs to help it grow further.

PIF Secretary-General Abdulrahman Al-Mofdy expressed his organization's readiness to cooperate in this field and further acknowledged that the fund's industrial investments as a main pillar to national economy. He added that there are many more such projects in the pipeline.

Appreciating the contributions made by the PIF toward the development of national economy, Saad Al-Moajil, chairman of the coordinating council of national committees at the CSC, said there is an urgent need for a national initiative to support intermediate industries through a joint cooperation between the committee and the fund in order to specify industrial sectors that could help develop the industrial economic growth.