Saudi Minister Of Industry Witnesses Signing Of Five Investment Agreements At Business Forum In Hanoi

During the Saudi-Vietnamese Business Forum in Hanoi, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef witnessed the signing of five investment agreements. These agreements between Saudi and Vietnamese companies aim to foster partnerships in construction, infrastructure, advanced furniture manufacturing, training programs, and tourism. This event highlighted the growing economic ties between the two nations.

Alkhorayef emphasised the robust economic relationship between Saudi Arabia and Vietnam. He noted the crucial role of the Saudi-Vietnamese Business Council in boosting investment partnerships. The council helps the private sector seize mutual opportunities, especially in industry and mining. The forum was co-organised with the Federation of Saudi Chambers at the Hanoi Chamber of Commerce and Industry.

The minister outlined Saudi Arabia's commitment to attracting quality foreign investments in industry and mining. He detailed promising opportunities and incentives provided by entities within these sectors. These include financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM), which facilitate international investors.

Alkhorayef discussed developments in Saudi Arabia's mining sector, which is a key component of the national industrial economy under Vision 2030. He mentioned that launching the Comprehensive Mining and Mineral Strategy in 2017, along with the National Geological Survey Program, increased the estimated value of mineral resources from $1.3 trillion to $2.5 trillion.

The forum also served as a platform for discussing cooperation opportunities in advanced industries, research, innovation, and artificial intelligence. It was attended by notable figures such as Saudi Ambassador to Vietnam Mohammed Dahlawi; CEO of the National Industrial Development Center Eng Saleh Al-Solami; and Chairman of the Saudi-Vietnamese Business Council Ahmed Al-Dheeb.

Local Content Policies

Alkhorayef highlighted local content policies that support localisation efforts within Saudi Arabia. These policies grant domestic manufacturers a competitive edge in government procurement opportunities. Such initiatives are part of broader efforts to enhance local capabilities while attracting foreign investments.

The minister's participation in this forum was part of his official visit to Vietnam aimed at strengthening economic relations further. His visit focused on exploring cooperation avenues in industry and mining while aligning with Saudi Vision 2030 objectives.

This strategic engagement underscores both countries' commitment to fostering mutual growth through collaborative ventures across various sectors.

With inputs from SPA