Arab News, Monday, May 22, 2023 | Thul-Qidah 2, 1444
International investors keen on entering Saudi market, says minister
Saudi Arabia:
As the Kingdom’s economy is performing exceptionally well, Minister of Industry
and Mineral Resources Bandar Alkhorayef, said foreign investors are keen on
entering the Saudi market.
He was speaking at a meeting with members of the
National Industrial Committee at the ministry’s headquarters in Riyadh on
Sunday.
“There is a great interest from foreign investors
to enter the Saudi market, which was clearly felt during the World Economic
Forum in Davos 2023,” Alkhorayef said.
The minister said the increase in interest from
global investors is the result of the Kingdom’s efforts to create new
opportunities in different sectors and ensure a “transparent and fair”
environment conducive to business.
During the meeting, the minister tapped on several
topics including the performance of the industrial committee as well as the
coordination between the ministry and the relevant authorities.
The meeting also addressed issues related to the
cost of government fees on the industrial sector and strategies related to
industrial cities.
The minister highlighted some of the key
achievements of the National Industrial Committee, the most prominent of which
is the abolition of export restrictions on some products.
The committee also reviewed the challenges faced
by the industrial sector including those revolving around zakat regulations and
land issues such as the condition of factories outside the areas designated for
industrial use as well as industrial land ownership.
Participants of the meeting also discussed ways to
facilitate investors to establish and operate factories within cities.
The committee aims to set up frameworks and
mechanisms to tackle challenges faced by the industrial sector.
It also seeks to enable cooperation between the
government and private sectors to exploit opportunities that will enhance the
pace of industrial development.
The committee aims to contribute to the
development of the regulatory and economic environment of the industrial sector
and increase industrial and ethical environmental awareness.