DAVOS, SWITZERLAND — Saudi Arabia is betting big on technology along with advanced manufacturing industry 4.0, 3D printing with artificial intelligence (AI) being at the center of its business strategy, Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef told TRENDS at DAVOS 2023 in an exclusive interview focusing on his ministry’s role in the country’s development.
“I think Saudi Arabia is playing an excellent role in helping the global community in two very important ways: one is the supply chain where we see that Saudi Arabia can be a destination where different players can access different markets and the other is ensuring that the global community also get access to minerals and metals,” he added.
Excerpts:
What is Saudi Arabia’s strategy in terms of exploring and mining the minerals? What does the future hold for the sector?
We have two very ambitious strategies. The industrial strategy and the mining strategy. Both are somewhat integrated. We believe that we have a great opportunity to add value within the country. This also applies to petrochemicals.
The mining strategy was launched almost five years ago. Now I’m proud to say that most of the initiatives are being executed. The new mining law enacted in 2021 addressed many of the challenges that global investors normally face. It also addresses the responsibility of the investors in ESG and so on.
We have also launched our Geological Survey for the Arabian Shield, which is almost a third the size of the country. We have expedited some geological surveys in different parts of the country.
In our industrial strategy, we have very ambitious targets when it comes to investments, exports, GDP contribution and so on. We also focus on the quality of the products we would like to bring into the country.
We are betting big on technology along with advanced manufacturing industry 4.0, 3D printing, and AI is key in our strategy.
I think Saudi Arabia is playing an excellent role in helping the global community in two very important ways: one is the supply chain where we see that Saudi Arabia can be a destination where different players can access different markets and the other is ensuring that the global community also get access to minerals and metals.
There is an increased focus on developing skills of local talent in Saudi Arabia. What are the steps taken in this direction by your ministry?
At the national level, we have the Human Capital Development Program, which is one of our largest programs in Vision 2030. The program is headed by His Royal Highness [Saudi Crown Prince and Prime Minister Mohamed bin Salman] himself and it addresses all aspects of education, training, skilling and reskilling and so on. It will enhance the development of human capital.
As for our industry, we have certain programs to train young people even from outside Saudi Arabia. In addition, we are planning to make our new investments more technology-based.
What does Saudi Vision 2030 mean to you and your ministry?
It means the clarity of roadmap and that all government entities collaborate for one goal. We know exactly what we’re doing, and everyone knows exactly what the other is doing. For instance, my ministry cooperates with about 20 different government agencies to guarantee that the investor’s journey remains seamless.
What’s your view about this year’s Davos conference?
I am glad that we are back to normal. Davos is a great place to meet with different industry leaders and hear their views. In Saudi Arabia we are trying our best, but at the end of the day, if it doesn’t resonate with the investor, it doesn’t mean much. We must understand that what we do and design is ultimately accepted by investors.