Industry Minister Presents Advantages of Industrial, Mining Investment in Saudi Arabia to Brazilian Officials
Minister of Industry and Mineral Resources Bandar AlKhorayef confirmed that the Kingdom of Saudi Arabia has proven its strength in the mining sector, become a key global player, and is proceeding towards developing its mining sector to maximize its benefit in diversifying the sources of income for the national economy, he said in a news release.
“Mineral production is a global issue that requires international leadership and cooperation due to its critical importance in driving the energy transition process around the world,” AlKhorayef said during his July 22 participation in the roundtable meeting organized by the Federation of Industries in the Brazilian state of Sao Paulo (FIESP), in the presence of Saudi Export-Import Bank chief executive Eng. Saad Alkhalb and leaders of the industrial and mining ecosystem.
He explained that the Future Mineral Forum (FMF) has become the most important platform for discussing qualitative opportunities in the mining sector, its issues, challenges, and solutions for its development around the world. AlKhorayef invited the Brazilian companies to participate in the fourth edition of the forum, which will be held in Riyadh next January, to learn about the future of the Saudi mining sector and the qualitative opportunities available to investors.
AlKhorayef pointed out that the national strategy for industry in the Kingdom focuses on diversifying 12 major sectors and providing investment opportunities for more than 800 projects worth SR1 trillion, aiming at enhancing industrial exports and transforming the industrial landscape in the Kingdom towards a more prosperous future. He also reviewed the Kingdom’s strengths, from its rich natural resources and human capital to its enormous investment opportunities, modern infrastructure, and a business-friendly environment.
AlKhorayef pointed out that the Kingdom aims to localize the pharmaceutical industry and attract world-class investments in the field of health care, through a number of financial capabilities and incentives to strengthen the health industry, which is an advanced pillar of economic diversification. He added that one of the important goals in this sector is the localization of 90% of insulin production.
The minister also spoke about the automobile sector, indicating that it is one of the most promising industries in the Kingdom and is an emerging sector that needs all supply chains, and Brazilian companies will find qualitative investment opportunities in it.
AlKhorayef expressed his thanks to the FIESP for organizing the roundtable, emphasizing that the ideas exchanged increased confidence in the potential of both countries' partnership. He added that leveraging each other's unique strengths could enable them to build strong supply chains, improve technological exchange, and drive innovation, all of which would contribute to economic flexibility, sustainable development, and opportunity creation for future generations.
The participation of Minister AlKhorayef in the FIESP roundtable is part of his current official visit to Brazil, which is part of a broader economic tour by that also includes Chile. The purpose of the tour is to bolster cooperation in the industrial and mining sectors.
