Saudi Minister Calls For Chilean Investment In Industrial And Mining Sectors

Minister of Industry and Mineral Resources Bandar Alkhorayef encouraged Chilean companies to explore investment opportunities in Saudi Arabia's industrial and mining sectors. This call was made during a roundtable meeting organized by the Ministry of Industry and Mineral Resources in collaboration with Sociedad de Fomento Fabril (SOFOFA), the Federation of Chilean Industry.

Alkhorayef emphasized that Saudi Arabia's national strategy for industry aims to develop 12 industrial sectors and localize promising industries such as medicine and food. The strategy seeks to maximize the use of raw materials, including oil, gas, chemicals, and minerals. Additionally, it leverages the Kingdom’s strategic position to help its products reach various global markets.

The minister highlighted the strength of Saudi Arabia's mining sector, noting its significant mineral wealth. He pointed out that advances in this sector are achieved by balancing economic goals with environmental and social standards. "Since the launch of our mining strategy, we have witnessed a significant increase in the estimated value of our mineral resources," said Alkhorayef.

Alkhorayef revealed that the value of Saudi Arabia's mineral resources has increased from $1.3 trillion to $2.5 trillion by January this year. This 90% increase is attributed to government investments in geological surveys and exploration, along with contributions from the private sector. "We are keen to benefit from Chile's experience in developing its mining sector," he added.

The minister also discussed the great investment opportunities currently available in Saudi Arabia's mining sector, which are attractive to mining companies worldwide. His meetings with Chilean ministers covered the incentives provided by the Kingdom’s mining sector for investors.

Vision 2030: Diversifying Income Sources

Alkhorayef pointed out that under Vision 2030, Saudi Arabia aims to diversify its economy beyond oil and gas by focusing on other industries. The mining sector is a key part of this plan, aiming to develop and exploit natural resources effectively. He stressed that this complex industry requires substantial government support to ensure responsible actions toward the environment, communities, and economy.

During the roundtable, a review was presented by the Ministry of Industry and Mineral Resources covering both the National Industrial Strategy and comprehensive mining strategy. Investment opportunities within these two sectors were also highlighted.

The meeting underscored Saudi Arabia's commitment to attracting foreign investment into its industrial and mining sectors while ensuring sustainable development practices are followed.

With inputs from SPA