Meeting in Singapore: On September 3, 2024, Minister Bandar Ibrahim Alkhorayef met with officials from the Singapore Manufacturing Federation (SMF) and various companies during the SMF’s Business Roundtable to discuss enhancing cooperation in human resource development and automation.
Saudi Arabia’s Strategic Shift: Minister Alkhorayef highlighted Saudi Arabia’s move from relying on expatriate workers to focusing on automation and local human resource investment, including potential collaboration with the SMF’s Academy for worker training.
Investment Opportunities: The Minister also presented Saudi Arabia’s competitive advantages, such as its strategic location, energy prices, infrastructure, and raw materials, emphasizing significant investment potential in the logistics sector.
Singapore, September 3, 2024 – In a pivotal meeting held in Singapore, Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef engaged with officials from the Singapore Manufacturing Federation (SMF) and several prominent Singaporean companies. This meeting was part of the Business Roundtable organized by the SMF, which stands as the largest and most influential organization representing Singapore's manufacturing sector.
Minister Alkhorayef’s visit was a key opportunity to discuss and deepen cooperation in areas crucial to both nations. A significant focus of the discussion was Saudi Arabia’s evolving strategy in workforce management. The Minister outlined the Kingdom’s deliberate transition from relying heavily on expatriate workers to adopting advanced automation technologies and investing in the development of local human resources. This shift reflects Saudi Arabia’s commitment to modernizing its industrial sector and improving efficiency through technological advancements.
The Minister also expressed a strong interest in collaborating with the SMF’s Academy. He proposed the establishment of joint training programs aimed at equipping workers in the industrial sector with the skills needed to thrive in a rapidly changing technological landscape. This collaboration is envisioned as a means to foster skill development and knowledge exchange between the two nations.
In addition to discussing human resource development, Minister Alkhorayef took the opportunity to highlight the vast investment potential within Saudi Arabia. He showcased the Kingdom’s strategic advantages, including its pivotal geographic location, competitive energy prices, cutting-edge infrastructure, and rich availability of raw materials. Among the sectors highlighted, the logistics industry emerged as a particularly promising area for investment, with significant opportunities for growth and development.
This engagement not only underscores the deepening of economic ties between Saudi Arabia and Singapore but also reflects a broader strategic vision for fostering international collaboration and investment. Minister Alkhorayef’s discussions with the SMF and other Singaporean stakeholders are poised to pave the way for enhanced cooperation and mutual benefit, contributing to the advancement of both nations’ economic and industrial goals.
