Industry Minister: SMEs Account for 90% of the Industrial Sector

Minister of Industry and Mineral Resources Bandar Alkhorayef said that 90% of companies operating in the industrial sector are small and medium enterprises (SMEs). At a dialogue session held as part of the industry and mineral resources pioneers' week activities, organized by the Small and Medium Enterprises General Authority (Monsha'at), Alkhorayef said that pioneering projects play a significant role in the sector. He said that industrial technical applications have proven their feasibility in solving many large industries problems, and that innovative technologies in the mining sector address the industry's need to preserve mines, protect the environment and safety, and increase productivity. Alkhorayef also emphasized that the industrial sector should not only facilitate investor and entrepreneur entry but also ensure the sustainability of their projects. This involves assisting investors in overcoming challenges and providing clear guidance throughout their investment journey. He highlighted the mining sector as a prime opportunity for entrepreneurs, corroborated by the surge in investor interest, and encouraged entrepreneurs to explore the potential of this sector. Alkhorayef pointed out that the ministry has granted incentives and came up with initiatives in the industrial and mining sectors that entrepreneurs and owners of SMEs should take advantage Source: Saudi Press Agency