Riyadh: Minister of Industry and Mineral Resources Bandar Al-Khorayef addressed a panel session titled: “Dealing with the Unpredictable Economic Consequences of 4IR Technological Progress” in the second edition of the LEAP Tech Conference held in Riyadh between the 6-9 February under the theme Into New Worlds.

Al-Khorayef confirmed that the ministry is targeting to become a global leader in additive manufacturing (3D printing) through producing additive manufacturing raw material, developing engineering design capabilities, and localizing additive manufacturing services.

"This conference is a clear demonstration of the Kingdom's appetite for attracting new and major players in the field of IT, which work to strengthen Saudi Arabia's position as a regional and international hub for business", Al-Khorayef said.

"Technologies related to the Fourth Industrial Revolution, in particular, support Vision 2030 objectives by increasing productivity while reducing costs, waste and carbon emissions, thereby advancing sustainability goals while improving the quality of goods and products. This makes investing in innovation, developing scientific research, and encouraging the adoption of emerging technologies in the industrial sector a core strategic priority for the Kingdom of Saudi Arabia,” he added.

To support these objectives, Saudi Arabia’s leadership has prioritized the creation of an attractive investment environment in line with the National Industrial Strategy and Vision 2030 to enhance the sector, drive innovation and support its growth. In doing so, the strategy will drive economic diversification, create meaningful employment opportunities for citizens, and encourage skills and training development among the youth to advance a sustainable industrial sector.

“Distinguished by its geographical location, enormous resources, and large young and talented workforce, if leveraged correctly, Saudi Arabia has the opportunity to become one of the greatest success stories in the 21st century as we emerge an innovation driven, industrial global powerhouse,” Al-Khorayef concluded.