Saudi Arabia's Stable Environment, EV Supply Chain to Draw Chinese Investment: Minister

Published: Sep 11, 2024 Duration: 00:03:07 Category: News & Politics

Trending searches: china vs saudi arabia
Saudi Arabia is the largest importer of cars who doesn't have a local production so we are changing this today we have three OMS starting their their plants most are uh EVs and uh definitely the uh the supply chain uh uh will be built uh to support this this Automotive growth in Saudi will definitely attract a lot of Chinese companies especially in Automation in uh automated uh uh production lines that makes much faster production and with uh much less cost and rely Less on uh Labor Saudi Arabia is is a is a has a great fundamentals to start with I you know I used to be a businessman and I I think one some of the things that we have in Saudi is very hard to find elsewhere especially when you are talking about um uh the currency stability and the uh foreign exchange risk these are key issues that Saudi Arabia is blessed with this stability uh we also have a stable uh political system a stable regulation and uh policy framework that respects investors for the long term industry and Mining both are long-term investment they are capital intensive and they are very longterm so unless there is that kind of stability it be very hard to attract but I think what is also more interesting to see now is how we we a we were able to figure out how to create uh the right uh enablers inside the economy so things like supporting local content I think the one of the most important uh sectors we we invested in since the launch of our vision 2030 is dig digitalization and conductivity so Saudi Arabia is is is very well Advanced and I think Co showed true test of this connectivity and this uh digitalization We've created a platform in the ministry that offers different suppliers the ability to offer their Solutions their Solutions will be offered to the private SE sector and uh we will support them through uh different uh loans we will support them in in training and in some applications where there is critical uh you know unique Technologies we will even uh offer grants for specific uh use

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