Saudi Arabia leads car exports without local manufacturing: Alkhorayef
Minister of Industry and Mineral Resources, Bandar Alkhorayef said Saudi Arabia is the world's top exporter of cars without local production, but it's now betting on electric vehicles, signaling a future-oriented strategy.
At the Qatar Economic Forum, Alkhorayef said Vision 2030 was a key enabler in attracting the automotive sector to the Kingdom.
He noted that the industrial localization strategy aims not only at national security and economic resilience, but also at generating new value.
He said industrial scale is becoming less important due to new technologies. Sectors like mining and manufacturing in Saudi Arabia are being built using advanced tech, with a focus on regional and global markets, not just domestic demand.
Alkhorayef pointed to significant opportunities in mining and industry to support Saudi Arabia's economic diversification under Vision 2030. He said results are now visible on the ground, thanks to well-coordinated planning and execution.
He emphasized that planning alone isn't enough. Private sector involvement is vital, with investors needed who are ready to commit capital to the sector.
In mining, regulatory reform has been the key. Alkhorayef said Saudi Arabia now has one of the world's strongest investment frameworks for mining.
The time to obtain a license has dropped to under six months, down from the global average of three to five years.
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