Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, inaugurated on Monday the “Industry Day” event at the Airbus Helicopters facility in Marignane, France, according to the Saudi Press Agency.
“Industry Day”
The event has brought together Airbus Helicopters’ suppliers and Saudi aviation companies.
With a bold goal to unleash new horizons for cooperation in aerospace industry, the event seeks basically to boost bilateral investment.
During his opening speech, Alkhorayef noted that aerospace sector represents one of the most prominent industries across the Kingdom.
Aerospace Localization
As a result, Saudi Arabia has been making bold strides to further localize and develop this sector under the National Industrial Strategy to diversify the national economy.
In line with Saudi Vision 2030, the Kingdom has also set ambitious objectives to accelerate the localization of aerospace industries and development of its manufacturing capacities.
Important Factors
To achieve these goals, Alkhorayef stressed the significance of several factors, as follows:
- Localizing advanced technologies
- Empowering the private sector
- Expanding international partnerships
- Attracting promising investments
- Leveraging the Kingdom’s strategic assets such as its geographic location, competitive energy prices, abundant mineral resources, and young talent
Furthermore, the minister urged Airbus Helicopters and its supplier network to embark on cooperative deals with the Kingdom for the sake of building a sustainable and competitive aerospace ecosystem.
Promising Investment Opportunities
Importantly, Saudi Arabia has identified several aerospace sub-sectors providing SAR10 billion in high-quality investment opportunities, as follows:
- Airframe maintenance
- Component repair
- Unmanned aerial vehicle (UAV) manufacturing
In accordance with the National Industrial Strategy, the Kingdom also aims to increase its industrial gross domestic product (GDP) from $88 billion to $377 billion by 2035.
Alkhorayef’s participation at the “Industry Day” event is an integral part of his official visit to France to enhance industrial and mining collaboration.
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