Saudi Gazette report

SHANGHAI — Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings with leaders of major industrial companies in Shanghai, China. During the meetings, he discussed ways to localize high-value industries and promising investment opportunities in the Kingdom, as part of his official visit to China.

The meetings with Kinta Group, Transsion Holdings, Tongli paints industries, and HUAWEI Tech Investment Saudi Arabia reviewed the objectives of the Kingdom's National Industrial Strategy and the unique opportunities it offers for localizing advanced manufacturing technologies and high-value industries, including the manufacture of building materials, smartphones, and electronic devices, in addition to heating compressors and air conditioners.

The two sides discussed measures to enhance cooperation in the field of industrial research and development, expertise exchange, and knowledge and technology transfer to the Kingdom. They also explored opportunities to develop and qualify human resources in the industrial sector in accordance with international best practices.

Alkhorayef witnessed the signing of a tripartite memorandum of understanding between the National Industrial Development Center, the Saudi AlJazirah Falcon Company, and the Chinese Kinta Group to localize the manufacture of air conditioning compressors in the Kingdom.

These meetings were attended by National Industrial Development Center CEO Eng. Saleh Al-Solami and a number of leaders from the Kingdom's industrial and mineral resources ecosystem.