Saudi industrial strategy submitted to authorities for approval, says Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef

Ministry of Industry and Mineral Resources has referred the Saudi industrial strategy to the competent authorities for approval, Al-Eqtisadiah reported, citing Minister Bandar Alkhorayef, on the sidelines of the Future Investment Initiative (FII) conference.

The industrial strategy will help investors explore the promising opportunities in various sectors, he added.

The ministry primarily focuses on certain sectors, such as the food industries and healthcare, said Alkhorayef, adding that it is currently studying, in coordination with other competent authorities, to localize the industry of the biosimilar medicine and the medical equipment.

The ministry works to identify the opportunities in the pharmaceuticals industry, the minister stated, adding that it is in talks with local and foreign investors, whom the government will offer some long-term procurement contracts.

The ministry has over 700 pending projects in Saudi Authority for Industrial Cities and Technology Zones (MODON), the Royal Commission for Jubail and Yanbu (RCJY) and others.