In the presence of the Undersecretary of the Ministry of Industry and Mineral Resources for Industrial Strategies and Sectors
Asharqia Chamber organizes a meeting of industrial sector enablers
Asharqia Chamber, represented by the Industry and Energy Committee, organized a meeting on Wednesday, September 11, 2024, on the capabilities of the industrial sector, in the presence of the Undersecretary of the Ministry of Industry and Mineral Resources for Industrial Strategies and Sectors, Eng. Abdulaziz bin Majid Al-Ahmadi, Chairman of the Board of Directors of the Eastern Chamber, Badr bin Suleiman Al-Rizaiza, and a significant number of business sector, specialists and those interested in the industrial field, at its headquarters.
Eng. Al-Ahmadi pointed out during the meeting, which was moderated by the Chairman of the Committee, Ibrahim bin Muhammad Al-Sheikh, that the industrial sector has witnessed major transformations in the past years, starting with the launch of the Kingdom's Vision 2030, and the launch of the National Industrial Strategy, which resulted in qualitative initiatives and programs with the aim of creating a flexible and sustainable industrial economy led by the private sector to achieve the targeted industrial growth in the Kingdom.
Al-Ahmadi also stressed the importance of enhancing continuous communication with the industrial sector with the aim of maximizing the benefit from the services and capabilities provided by the industry and mineral resources system, within the model of partnership between the private and public sectors in an effort to achieve national targets, noting that a number of factories in the region were visited with the aim of identifying the most prominent challenges and enabling companies to exploit all their production capacities and explore future growth opportunities.
For his part, Al-Sheikh said that industry is of increasing importance in the national economy, as the state is making great efforts to advance the industrial sector, which is witnessing a major transformation in both its path and its targets, the impact of which we have begun to clearly see on the development of the sector and the growth of the volume of its investments. Al-Sheikh pointed out that the meeting comes at a time when the industrial sector in the Kingdom is witnessing major developments thanks to the great support provided by the wise leadership, represented in the approval of legislation and initiatives stimulating the sector, launching the national strategy for industry, providing financial incentives, and extending financial compensation exemptions until 2025, which contributed to the industrial sector achieving unique and record successes, as the number of industrial establishments reached nearly 12,000 establishments, and the employment growth rate increased by 57% and localization by 32%. The meeting reviewed a number of initiatives aimed at supporting the industrial sector and increasing the contribution to achieving the goals of the Kingdom's Vision 2030, including the Industrial Sector Competitiveness Program, which aims to enhance the competitiveness and efficiency of existing industrial establishments by providing several solutions that help raise the efficiency and quality of energy sources used in industrial establishments, in addition to serving the abundance of raw petrochemical materials to enable supply chains associated with them and maximize the benefit from the ministry's official channels to address challenges. An unfair competition service was also presented, which seeks to ensure and enhance fair competition and develop policies And related regulations, and the Future Factories Program, which aims to develop the industrial sector in the Kingdom by converting 4,000 factories to adopt modern manufacturing practices, automation and digitization.
