Riyadh – Decypha: Senior manufacturing specialist in Saudi Arabia are demanding an independent Ministry of Industry.
The new ministry is expected to focus on developing the industrial work and overcome all obstacles to its development and progress in order to realize the 2030 vision and to grow the industrial sector in the Kingdom.
“The industry in the Kingdom is developed and its future is promising. In limited years, the value of the invested capital in the Saudi market has increased to 1.1 trillion riyals in just a few years,” said Engineer Osama Al-Zamil, Chairman of the Industrial Committee of Riyadh Chamber.
Al-Zamil added that work in accordance with Vision 2030 aims to raise the industrial revenues of the Kingdom’s economy according to the rulers’ vision of best growth path.
The overlap of government sector, the semi-governmental sector, and the private sector has created confusion regarding realistic indicators for the private sector, said Bader Al-Rajhi, a Saudi Businessman.
Local investors additionally called for a clear indication of the growth of the non-governmental and semi-governmental industrial sector and to clarify the performance percentage. They demonstrated the experience of the Industrial Development Fund in the growth of the Saudi industry which is considered a successful experiment. The successful industrialization according to the Saudi market and following the experiences of Turkey and Malaysia.
They stressed that commercial fraud is huge in commercial products due to the absence of specifications and measurement standards.
"We are aware of the industrial sector suffers from the lack of land, water and electricity in a period of time. The industry has faltered due to these obstacles. Investors are moving toward real estate and investment. The availability of land and electricity,” said Al-Rajhi.
By Decypha Editorial Team
