Saudi Arabia wants to be a manufacturing hub: Finance Minister Mohammed Al-Jadaan

By Middle EastFOXBusiness

Saudi Arabia tapping into manufacturing

Saudi Arabia Finance Minister Mohammed Al-Jadaan on creating a manufacturing industry in the kingdom.

Saudi Arabia is open for business, according to Finance Minister Mohammed Al-Jadaan, who says the kingdom is tapping into its own manufacturing industry to lure foreign investment.

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“Currently we are importing almost 90% of what we consume, we are trying now to manufacture in Saudi Arabia half of that,” Al-Jadaan told FOX Business’ Maria Bartiromo during an exclusive interview on “Mornings with Maria.”

By 2030, the kingdom aims to manufacture its own automobiles, transport services and utilize the limited use of it its mining sector and entertainment industry.

But the effort will consist of training from within the kingdom as well hiring experts from the U.S. and other countries.

“We are training our people,” he said. “Then we are actually bartering with the right experts – U.S. companies and others to bring in the know-how and expertise in Saudi Arabia.”

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Meanwhile, following the corruption crackdown, Saudi Arabia’s Crown Prince Mohammed Bin Salman visits New York City on Tuesday to meet with business leaders in an effort to attract foreign investment in his country. The visit follows stops in Washington, D.C., Boston and Silicon Valley.

Saudi Arabia’s foreign investment in the country is the highest ever, according to Al-Jadaan.

“We have zero tolerance to corruption. And it is a very comprehensive framework--this is one part of it,” he said. “But the rest of it is we are creating a very level playing field to investors.”

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