Adopting 4th Industrial Revolution Technologies Fundamental For Achieving Industrial Transformation, Alkhorayef Says

Riyadh, (APP - UrduPoint / Pakistan Point News - 15th May, 2024) Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef emphasized during his participation in the GREAT Futures Initiative Conference that adopting fourth Industrial Revolution technologies is a fundamental pillar for achieving industrial transformation in the Kingdom.

The minister said this is due to their importance in increasing production, fostering innovation, and enabling entirely new business models. He noted that these technologies have become more accessible and affordable, and their widespread adoption will directly fuel economic growth.

Alkhorayef's remarks came during his participation with British Secretary of State for Business and Trade Kemi Badenoch in a roundtable discussion titled "Accelerating Industrial Progress.” The conference is being hosted by the Kingdom as part of the initiatives of the Saudi-British Strategic Partnership Council.

Alkhorayef emphasized that transitioning from heavy reliance on low-skilled labor to adopting modern manufacturing technologies requires developing the workforce and equipping them with a set of new and more advanced skills.

He said this is essential to keep pace with rapid advancements in artificial intelligence (AI), big data, fifth-generation technologies, and the internet of things (IoT).

The minister emphasized that investing in human capital development is a fundamental pillar for enhancing the competitiveness of the industrial sector in the Kingdom. He noted that the ministry has trained over 50,000 employees in vital fields in collaboration with the private sector.

Alkhorayef believes new initiatives such as the National Industrial Academy, the National Automotive and Vehicle Academy, and the Porsche academy will significantly contribute to supplying the industrial sector with a qualified and highly efficient national workforce.