The complementary relationship between “energy” and “industry” stimulates sustainable development

His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, stressed the pivotal role of integrated work between all economic sectors in achieving the goals of the Kingdom’s Vision 2030, including the participatory relationship between the energy and industry sectors.
During his participation in a dialogue session at the launch ceremony of standard incentives for the industrial sector, which was held by the Ministries of Industry, Mineral Resources and Investment, the Minister added that energy is at the heart of industry and is an important catalyst for industrial growth.
He pointed out that the Kingdom presents a unique global model in joint integrated government work.
His Highness explained that the most prominent energy expansion projects in the Kingdom are supportive of industrial development and contribute to the empowerment of national industries, by providing various energy sources and supplying manufacturing industries with “gas feedstock” at competitive prices to stimulate the growth of the sector, in addition to promoting the transition to clean energy in the sector. Industrial.

Standard incentives

The Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, confirmed during the ministerial dialogue session held during the ceremony entitled: “The Industrial and Investment System in the Kingdom,” that the standard incentives for the industrial sector are an important step towards achieving the goals of the Kingdom’s Vision 2030 and the National Investment Strategy, aimed at attracting investments. Industrial development and development, raising the level of competitiveness of Saudi industry and linking roles.
He added that all relevant parties have become concerned with integrating goals, especially since “industry is the core of the economy.”
Al-Falih pointed out that these incentives will accelerate the process of creating new industrial facilities, at all stages of the value chain. This will provide industrial investors with stronger and faster local supply chains at a competitive cost.
He noted the Ministry’s aspiration to continue the close partnership with the Ministry of Industry and Mineral Resources to build a solid and diversified industrial base in the Kingdom that serves the final consumer, whether in the Saudi market or in surrounding markets.
The Minister added: “Incentives in their current form represent an impetus for a strong industrial movement in the Kingdom, whose impact, God willing, is expected to go beyond the formation of an industrial base, to reach the expected gross domestic product from the projects targeted by the standard incentive package for the industrial sector to 23 billion riyals annually.”

Local content

During his participation in the ministerial dialogue session, Minister of State and Member of the Council of Ministers, Dr. Hamad bin Mohammed Al Sheikh, stated the expected role of standard incentives for the industrial sector in developing local content and achieving its goals in light of the Kingdom’s Vision 2030, in addition to enabling industrial investments.
He added: “In conjunction with the incentives, 50 promising investment opportunities were announced as a first group of opportunities, in priority industrial sectors, and more opportunities will be announced later in groups of investment opportunities.”

Integrated system

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, confirmed during the ministerial session that one of the most prominent achievements of the ministry during the last five years was enhancing integration between all government sectors to serve the industrial sector and industrial investors. They are no longer served by a single ministry, but rather by an integrated government system that works with participatory efforts drawn up by a vision. Kingdom 2030.
He pointed out the important role of the National Industrial Strategy in identifying the promising industries targeted for localization in the Kingdom, and drawing the necessary capabilities to achieve those goals, represented by the pharmaceutical industry sector, whose growth has become escalating and clear.

Global platform

On the same level, the Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, said during his participation in the ministerial dialogue session: “We aspire for the Kingdom to be a leading global industrial and logistical platform, as industry is the heart of the economy, and this comes in parallel with the Kingdom continuing as a leading force in the fields of energy.” .
He noted the need to diversify the national economy. It is noteworthy that the launch ceremony of standard incentives for the industrial sector; It included presenting a group of investment opportunities, in the targeted sectors, to national and international companies, in addition to a ministerial dialogue session, and workshops that discussed the impact of incentives in shaping the future of Saudi industry, enhancing its global leadership, and its role in enabling the industrial sector to become more attractive to national and international investments.