Minister Of Industry Bandar Alkhorayef Visits Denmark To Enhance Industrial And Investment Ties

Minister of Industry and Mineral Resources Bandar Alkhorayef has embarked on an official visit to Denmark. This visit aims to bolster economic, industrial, and investment ties between Saudi Arabia and Denmark. It aligns with Saudi Arabia's Vision 2030 goals to diversify the economy, localise high-value industries, and strengthen its role as a regional industrial hub.

During his stay, Minister Alkhorayef will engage in discussions with several senior Danish officials, including Minister for Economic Affairs Stephanie Lose. These meetings will focus on expanding cooperation in key sectors such as mining, pharmaceuticals, advanced manufacturing, and sustainable industries.

A significant aspect of the visit is the partnership between Lifera, a Public Investment Fund (PIF) company, and Novo Nordisk. This collaboration aims to localise insulin manufacturing in Saudi Arabia. The strategic project intends to meet over 80% of the Kingdom’s insulin demand by 2027 and establish it as a regional hub for advanced pharmaceutical production.

Denmark has emerged as one of Europe's fastest-growing pharmaceutical centres. Its production has nearly tripled over the past four years. The sector plays a vital role in Denmark's economy, contributing to an anticipated 2.9% growth in fiscal-year 2025.

Minister Alkhorayef will also meet with leaders from prominent Danish companies like Novo Holdings, FLSmidth, Danfoss, and Arla. These meetings aim to explore new avenues for collaboration and investment that benefit both nations.

The visit seeks to promote joint investments in Saudi Arabia’s expanding food and beverage sector. Opportunities within the Jeddah Food Cluster are particularly highlighted. This cluster is the largest food production hub globally and is connected to Jeddah Islamic Port, a crucial trading route.

Trade Relations Between Saudi Arabia and Denmark

Denmark's main exports to Saudi Arabia include pharmaceutical products, machinery, equipment, and high-value dairy products. In 2024, Denmark exported goods worth over SAR4.20 billion to Saudi Arabia. Meanwhile, Saudi Arabia's total non-oil exports to Denmark amounted to SAR120 million in the same year.

This visit underscores Saudi Arabia’s commitment to building strong international partnerships. It aims to enhance industrial capabilities and attract high-value investments following the National Strategy for Industry.

The Kingdom remains eager to collaborate with international partners like Denmark. Together they aim to develop resilient industries that contribute to sustainable economic growth and regional stability.

With inputs from SPA