RIYADH: Saudi Arabia launched the first-of-its-kind National Academy of Vehicles and Cars and established a new Automotive Manufacturers Association to help the industrial sector grow. This was announced at the PIF Private Sector Forum, where Minister of Industry and Mineral Resources Bandar Alkhorayef said that his ministry aims to provide solutions to protect the interests of manufacturers and scientists. The minister stressed that the new academy was established to develop capabilities in the electric vehicles industry. Additionally, the new association will raise the level of awareness among local communities about the automotive industry and build human capabilities in the areas of manufacturing and maintaining cars with a high-tech ecosystem, according to the Saudi Press Agency. The association and the academy are likely to play a crucial role in maximizing the benefits of local content by increasing the contribution of significant projects and enhancing the imports of products on the mandatory list in comparison to the Kingdom’s overall imports. During 2020 to 2022, there was a 38 percent increase in the Kingdom’s imports, while the rise in imports of products listed as mandatory during the same period was approximately 15 percent. Furthermore, the number of factories producing mandatory list products has reached 1,437 within three years, SPA reported. According to Alkhorayef, the investments would accelerate growth through the application of contemporary technologies and provide attractive job prospects, suggesting that the Kingdom will eventually become a technology exporter. In addition, the minister also revealed that the industrial metal trading company London Metal Exchange will establish metal warehouses in Saudi Arabia, as the Kingdom will be “one of the most important centers for the delivery of trade in metals.” He added: “The ministry is studying the value chains of about 11,000 products to discuss how to enter them and for Saudi Arabia to be a competitor and an important player in them.” Underscoring the role of PIF, Alkhorayef stressed the fund’s contribution to establishing the automotive industry in the Kingdom and in attracting more foreign businesses to participate in this sector.