RIYADH: A new ministry tasked with developing industry and the mineral resources sector in the Kingdom is up and running, the Saudi Press Agency reported.
The Ministry of Industry and Mineral Resources began its functions on Wednesday. It was set up following a royal order issued by King Salman in August and takes on the jurisdiction, tasks and responsibilities related to the two sectors.
It is headed by Bandar Al-Khorayef, who thanked the king and Crown Prince Mohammed bin Salman for their trust.
He said he would exert every effort to promote both sectors to achieve sustainable development in line with Saudi Arabia’s Vision 2030 reform plan, which adopted industry and mining as ways of diversifying the national economy.
He also thanked Prince Abdulaziz bin Salman, energy minister, and the Energy Ministry team for their support during the new body's establishment ahead of its launch.
Al-Khorayef said his team would continue to work on the implementation of the National Industrial Development and Logistics Program, which aims to transform the Kingdom into a leading industrial and mining power and a global logistics hub.
The program also seeks to support the private sector to play its role in industrial development, address the challenges facing investors in the industrial sector, as well as maximizing the added value of mineral resources across the Kingdom.
“We will go ahead with strengthening cooperation and integration between the industry and mineral resources system, in order to attract more domestic and foreign investment, as well as transferring industrial and mining knowledge to the Kingdom, employing the techniques of the Fourth Industrial Revolution to increase the competitiveness of Saudi products, in addition to cooperating with all concerned authorities to qualify national cadres and increase Saudization rates in the industrial and mineral resources sectors,” Al-Khorayef said.
He underlined the importance of supporting export operations so that Saudi products became an important part of the international economic system.