Bandar AlKhorayef, Minister of Industry and Mineral Resources
Minister of Industry and Mineral Resources Bandar Alkhorayef announced the establishment of the Automobile Manufacturers Association to provide solutions for the development and growth of the sector while safeguarding the interests of manufacturers and stakeholders, state-run Saudi Press Agency (SPA) reported.
The announcement came during Alkhorayef’s participation in a ministerial session titled “Importance of private sector in achieving Vision 2030”, held on the sidelines of the second edition of the PIF Private Sector Forum.
Through the establishment of this association and the supply chain, the ministry aims to raise awareness in local communities about the automotive industry and enhance human capabilities in manufacturing and maintaining environmentally friendly high-tech vehicles.
AlKhorayef underscored that the association’s significance lies in augmenting the contribution of major projects to maximize the benefits derived from local content. It also seeks to enhance mandatory product imports compared to the Kingdom’s overall imports.
Between 2020 and 2022, the Kingdom’s imports increased by approximately 38%, while mandatory product imports during the same period witnessed a growth of about 15%. The number of factories producing mandatory products reached 1,437 over three years.