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Asharq Al-Awsat

Saudi Industry Minister Launches Second Phase of Saudi-Omani Industrial Integration

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef launched the second phase of industrial integration between Saudi Arabia and Oman, reported the Saudi Press Agency on Thursday. The announcement was made as the ministers co-chaired a joint meeting at the ministry's headquarters in Riyadh. The second phase of industrial integration focuses on boosting direct trade, supporting integration in value chains, and stimulating qualitative industrial investments. Objectives also include treating local products as national products in government procurements and facilitating procedures for exporters and investors. The meeting reviewed the achievements of the first phase of industrial integration, which included several initiatives such as the Future Factories Program, an initiative aimed at transforming factories from reliance on labor-intensive processes to adopting advanced industrial solutions and boosting integration in supply chains. It also discussed exchanging knowledge across various industrial sectors, as well as building national strategies and sharing industrial information.