Minister Of Industry Launches Fourth Edition Of The 1K Mile Program To Empower Entrepreneurs

The fourth edition of the 1K Mile Program was launched by Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of the National Industrial Development and Logistics Program (NIDLP). This event took place during the closing ceremony of the third edition at "The Garage" in Riyadh. The gathering included notable figures like Saleh Al-Jasser, Abdullah Alswaha, Yousef Al-Benyan, entrepreneurs, supporting entity representatives, and participant families.

Alkhorayef highlighted that the program has grown from a simple initiative to a key component in Saudi Arabia's industrial and entrepreneurial transformation. He mentioned that the success of previous editions inspired the launch of this new phase. The program has been instrumental in helping entrepreneurs create viable business plans while providing an environment conducive to their growth and competitiveness.

The 1K Mile Program has redefined industrial investment by showing that it is not just for large companies but also accessible to young innovators. Alkhorayef pointed out its role in promoting advanced manufacturing and encouraging investments in modern technologies. This initiative supports Saudi youth in seizing opportunities arising from the Kingdom's economic changes.

In its third edition, 8,001 entrepreneurs registered, with 147 projects selected for aligning with Saudi Vision 2030 goals. The Saudi Investment Bank sponsored the ceremony, awarding financial prizes to winners across industrial, mining, and logistics sectors. First-place winners received SAR500,000 each, while second-place winners were awarded SAR250,000 per sector.

Winners receive an official document offering benefits such as financing options, access to industrial land, ready-made factories, and consulting services. These resources are designed to support project sustainability and expansion. This initiative aims to empower young Saudis by providing them with tools necessary for success in a transforming economy.

Alkhorayef emphasized that industry is now open to ambitious young people who are eager to innovate. The program's nurturing environment ensures participants can grow their projects effectively. By redefining industrial investment concepts, it encourages more individuals to explore opportunities within advanced manufacturing sectors.

This comprehensive approach ensures that entrepreneurs are well-prepared to compete on both local and global stages. The program's focus on sustainable business practices helps participants develop strategies that ensure long-term success.

With inputs from SPA