Small & Medium Enterprises Account for over 80% of New Industrial Licenses -Minister of Industry Affirms

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef affirmed that the ministry seeks to build an industrial environment to stimulate small and medium enterprises, noting that small and medium factories have acquired more than 80% of the total new industrial licenses issued, since the beginning of the current Year 2021.

During a meeting with a number of entrepreneurs, in the Eastern region, organized by the General Authority for Small and Medium Enterprises “Monsha’at”, he explained that the industrial and mining sectors are among the main pillars to support the Kingdom’s Vision plans in the process of economic transformation, noting that the size of the opportunities available today in the two sectors are not exclusive, as the sector has become a major attraction for entrepreneurs.

He pointed to the importance of investing in the applications of the Fourth Industrial Revolution, which will contribute significantly to changing the shape of the industrial sector and will pave the way for future jobs, based on the adoption of creative ideas and modern technology, as the ministry seeks to activate the role of small and medium enterprises and entrepreneurship through three basic roles, represented in building an industrial environment.

A stimulus for small and medium enterprises, reactivating the growth of these enterprises, encouraging pioneering thought in the industrial sector, in addition to building a comprehensive system to serve entrepreneurs and those wishing to invest, in industry and mining.

Regarding the recent figures recorded by the industrial sector in the Kingdom, he revealed that since the beginning of the 2021, as many as a670 new industrial licenses have been issued with investments amounting to more than SR74 billion, while 477 factories started production operations during the same period, and the sector was able to create more than 31 thousand new jobs.

Al-Khorayef stated that the industrial and mining sectors, in the Kingdom, are distintcive by the existence of a stimulating and enabling system that works on continuous improvement of the industrial investment environment, and pushes the economic growth mechanisms of the sector by working on the drive of continuous improvement and empowerment that aims in its entirety to support the investor’s experience and enable him to move forward to new horizons.