We seek to develop partnership with India in strategic industries

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al -Khuraif, confirmed during his presidency of the round table meeting with the leaders of the private sector in the Republic, which was held in the capital, New Delhi, that the Kingdom sees in India an important strategic partner in various economic sectors, at the forefront, and seeks serious steps to enhance those Partnership in several vital sectors focus on it, such as cars, medical industries, biotechnology, chemicals, petrochemicals, as well as equipment, machinery, and renewable energy.
The meeting witnessed the attendance of the CEO of the local content and government purchases Authority, Abdul Rahman Al -Samari, the CEO of the National Center for Industrial Development Eng. Saleh Al -Salami, and the head of the Saudi Indian Business Council Abdulaziz Al -Qahtani.
The fall during his speech at the meeting in which the heads of the most prominent Indian companies participated, that the Vision 2030 that leads to diversify the economy in the Kingdom; In India, you find an ideal partner for its history, knowledge and experiences that can be exchanged, noting that the Kingdom’s targets in the manufacturing and mining sectors provide promising opportunities to develop joint cooperation between the two countries.

The auto sector in Saudi Arabia

The Minister of Industry indicated that the auto sector provides the way for building effective investment partnerships between the Kingdom and India, especially since the Saudi market is the most importing of cars in the Middle East region, and the Kingdom seeks to localize the auto industry and its components and the supply chain of that industry, and works to benefit from global experiences in the field of Car manufacturing.
He pointed out that the Kingdom also focuses on the petrochemical and chemical industries as one of the largest petrochemical producers, and it has a great ambition to exploit most of its petrochemical production in its local economy and find value added from them.
With regard to the machine industry sector, the fall said: “India has very advanced capabilities in the equipment and machinery sector, a sector in which the Kingdom sees a great opportunity for cooperation, especially as the Kingdom is going through an important stage to develop the mining sector, and seeks to become a major player in the global mineral market; This confirms the importance of the heavy machinery and equipment sector at this stage, and the demand for them increases.

Increase the industrial investment environment

The Minister of Industry stressed that the Kingdom is working to increase the attractiveness of the industrial investment environment, by launching various initiatives and programs, such as the “Future Factory” program that motivates the adoption of new technologies, the allocation of lands at a low rental cost, and to provide financing for promising projects through the Industrial Development Fund, Which provides financing loans with payment facilities, and the value of the financing reaches about 75% of the project cost, as well Promising talents from abroad.
The fall drew attention to the great attention the Kingdom attaches to the development of local content, the localization of strategic industries, and the various supply chains.
He said that achieving the targets of the national industry strategy in the Kingdom requires the activation of the partnership between the government and private sectors, and enabling the latter to exploit the opportunities provided by the strategy, calling on Indian companies to benefit from the qualitative investment opportunities available in the Kingdom.