The rising demand for minerals in manufacturing has resulted in supply chain problems, which Bandar Al-Khorayef, Saudi Arabia's minister of industry, has stated the country is determined to overcome. During a meeting hosted by the board for foreign business relations in Turkey, he made this announcement.
Saudi Arabia's Mining Investment System:
Minister Al-Khorayef highlighted that Saudi Arabia's mining investment system and its associated executive regulations rank among the best globally. The Kingdom has recently intensified its focus on the mining sector as part of its broader economic diversification efforts, aiming to reduce its reliance on oil and align with the objectives of Saudi Vision 2030.
Inviting Turkish Investors to Riyadh's International Mining Conference
In a bid to foster international collaboration, Al-Khorayef extended an invitation to Turkish investors to participate in the International Mining Conference, held annually in Riyadh every January. This conference brings together experts and industry leaders from various countries to explore opportunities in the emerging minerals and metals center in Africa, as well as West and Central Asia.
Highlighting Saudi Arabia's National Industrial Strategy
During the meeting, an overview of Saudi Arabia's SR1 trillion national strategy for the industrial sector was presented. Additionally, the gathering provided a platform to delve into potential investment prospects within the industrial sphere.
Visit to Altinay Technology Group
Minister Al-Khorayef also took the opportunity to visit the Altinay Technology Group factory in Istanbul. Altinay is known for its work in assisting companies in transitioning from traditional manufacturing methods to embracing technology, innovation, and fourth industrial revolution applications.
Embracing Advanced Robotics and Sustainability
During his visit, the minister received insights into the latest technologies and innovations employed at the factory, particularly in the realm of advanced robotics. Discussions with company officials revolved around efforts to enhance sustainability within the industrial sector and the application of cutting-edge technologies.
Saudi Arabia's Commitment to Innovation and Productivity
Al-Khorayef underscored Saudi Arabia's commitment to incorporating the most advanced innovations and modern technologies in manufacturing robotics and innovative technical solutions. The ultimate goal is to contribute to the enhancement of productivity within the mineral resources sector.
Saudi Arabia's proactive approach to mining investment and technology adoption reflects its dedication to diversifying its economy and becoming a significant player in the global supply chain for minerals and metals. By inviting international collaboration and embracing innovation, the Kingdom aims to position itself as a key partner in addressing supply chain challenges.
