Minister Bandar Alkhorayef Leads Fifth Meeting Of Industrial Council To Address Investor Challenges

The fifth meeting of the Industrial Council's second session was led by Minister of Industry and Mineral Resources, Bandar Alkhorayef, on Sunday. This gathering brought together representatives from both public and private sectors to discuss the needs of industrial investors in Saudi Arabia and address challenges impacting their investments.

Alkhorayef stressed the ministry's dedication to overcoming obstacles for industrial investors. These challenges include issues related to industrial lands, financing requirements, and workforce concerns. The ministry is working with relevant government bodies to resolve these matters effectively.

In partnership with the Ministry of Energy, the Ministry of Industry has introduced the Industrial Sector Competitiveness Program. This initiative supports factories in shifting from liquid fuels to more efficient energy sources. It also aims to reduce the effects of changes in energy and water pricing.

The meeting was attended by key figures such as Suhail bin Mohammed Abanmi, Governor of the Zakat, Tax and Customs Authority; Dr. Rumaih Al-Rumaih, Deputy Minister of Transport and Logistics; and Eng. Khalil bin Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs. Other council members from relevant government agencies and private sector representatives were also present.

Discussions during the meeting covered several important topics. These included leasing contracts for factories, regulations concerning investment contracts with leasing entities, transportation issues within the industrial sector, and the government's facility purchase financing program.

Council members examined these issues thoroughly and considered solutions to support industrial investors. The aim was to enhance collaboration between public and private sectors by providing a platform for government entities to gain insights from the private sector on strategies, priorities, and policies affecting the industrial sector.

Streamlining Investor Procedures

Efforts are underway to simplify investor procedures by centralizing regulatory processes. Applications can now be submitted through a single point of contact. Additionally, initiatives are being implemented to improve operational efficiency in industrial establishments.

The Industrial Council seeks to foster cooperation between public and private sectors. This collaborative approach aims to establish frameworks and mechanisms that address sectoral challenges while implementing practical solutions. Such efforts are intended to promote cooperation that accelerates industrial development in Saudi Arabia.

The council's cooperative strategy is designed to create a conducive environment for industrial growth in the Kingdom by addressing key challenges faced by investors through effective collaboration between various stakeholders.

With inputs from SPA