Minister Of Industry And Mineral Resources Bandar Alkhorayef Begins Official Visit To The United States For Investment Opportunities

Minister of Industry and Mineral Resources Bandar Alkhorayef has embarked on an official visit to the United States. His mission is to enhance cooperation in industry and mining, strengthen bilateral ties, attract investments to Saudi Arabia, and explore opportunities in key sectors like aviation and space. The visit will continue until September 28, covering New York, California, and Nevada.

Alkhorayef's journey begins in New York, where he will engage with industry ministers and global leaders at an event organized by Saudi Arabia in collaboration with the United Nations Industrial Development Organization (UNIDO). This event aims to support Riyadh's bid to host the 21st session of the UNIDO General Conference in 2025 and the Multilateral Industrial Policy Forum (MIPF) this October.

The minister's itinerary includes a tour of the New York Stock Exchange, the largest stock exchange market in the US. He will also visit Columbia University to interact with faculty members and students. These engagements aim to foster knowledge transfer and innovation in strategic industrial sectors.

In Las Vegas, Nevada, Alkhorayef will attend "MINExpo," a leading mining exhibition organized by the National Mining Association (NMA). Here, he plans to meet representatives from top mining companies to explore advanced technologies used in mining operations. The Ministry of Industry and Mineral Resources will also participate in this exhibition.

During his stay in Los Angeles, California, Alkhorayef will join a roundtable meeting with heads of major US companies. Discussions will focus on promising industrial sectors highlighted in Saudi Arabia's National Industrial Strategy. The minister aims to showcase opportunities and incentives available for foreign investors.

Bilateral meetings with private sector leaders are scheduled as well. Alkhorayef will visit renowned companies in advanced industries like JetZero, a California-based aviation enterprise, to explore collaboration opportunities. Additionally, he plans to visit SpaceX for insights into space exploration technologies.

Economic Ties Between Saudi Arabia and the US

The Kingdom maintains strong economic relations with the US. In 2023, non-oil Saudi exports to the US reached SAR10.08 billion, while non-oil imports from the US totaled SAR67.61 billion. Key exports include chemical products, basic metals, aircraft components, and transport equipment.

Significant American imports consist of nuclear reactors, railway locomotives, optical instruments, electrical machinery and equipment, and pharmaceutical products. These trade figures highlight the robust economic ties between both nations.

Alkhorayef's agenda also involves meetings with Saudi students studying in the US. These interactions aim to strengthen educational ties and support Saudi students abroad as part of broader bilateral relations between Saudi Arabia and the United States.

With inputs from SPA