The manufacturing and industry are central to the future of Saudi Arabia’s economy – and our ambitious program of economic reforms aims to ensure that they can create jobs, diversify our economy, drive exports and provide long term sustainable growth. However, we know that we will need to work with partners to achieve this and attracting international investors will be vital.
One example of the sort of investment we are looking to attract was showcased in SAGIA’s offices today when TRB, a South Korean manufacturer of conveyor belts signed a joint venture with Advanced Industrial Belts Company, a Saudi firm.
Alongside the signing of the joint venture, the two companies also held a workshop with potential customers – including leading global industrial entities such as SABIC, Saudi Aramco and Ma’aden and other local leading cement companies – to showcase the manufacturing capacity they will be developing and address the demand within the local market.
Finally, not only does this announcement show the importance of manufacturing within Saudi Arabia – it also demonstrates the impact of building closer ties with our international partners.
TRB’s investment doesn’t come in isolation, it follows years of cooperation between Saudi Arabia and South Korea, including the recent Saudi-South Korean Partnership Convention. Arranged by SAGIA, the forum saw fifteen memoranda of understanding between Saudi and South Korean entities.
Expanding into a new market is a challenging decision for any business – and not one they will take without a strong understanding of the country, its regulations and its culture. By continuing to work with our partners in key markets, we can help them understand the opportunity in Saudi Arabia and how they can access it.