The Minister of Industry and Mineral Resources and Chairman of the National Industrial Development and Logistics Program (NIDLP) Bandar bin Ibrahim Alkhorayef officially inaugurated the 3rd edition of the “1K Mile” entrepreneurship program yesterday in a ceremony that also celebrated the achievements of entrepreneurs who completed the program’s previous 2nd edition.
The program is designed to foster entrepreneurship in the industrial and logistics sectors. By leveraging Saudi Arabia’s strategic location, robust infrastructure, and supportive regulatory environment, the program aims to create a fertile ground for innovation and growth, in line with the Kingdom’s Vision 2030.
In his keynote speech, Alkhorayef emphasized the program’s role in nurturing a thriving ecosystem for industrial and logistics entrepreneurs.
“1K Mile is instrumental in identifying and refining business models, assessing market dynamics, and empowering entrepreneurs to make well-informed investment decisions,” he said.
The minister fu
rther highlighted the program’s crucial part in helping aspiring entrepreneurs find the resources they need to succeed. By providing financial, knowledge, and technical support, “1K Mile” enables innovators to transform their ideas into tangible projects.
Alkhorayef said that the 2nd edition resulted in 84 promising projects ready for investment, split evenly between the industrial and logistics sectors. He praised the young entrepreneurs for their innovative utilization of technology and AI to drive their endeavors forward.
Over 4,000 aspiring entrepreneurs participated in the 2nd edition, with 84 selected to advance to the feasibility study phase. Ultimately, 20 projects – 10 in industry and 10 in logistics – were crowned winners.
The ceremony also acknowledged the contributions of key stakeholders who provided vital incentives, training, and support to the program’s participants.
Source: Saudi Press Agency