Minister Bandar Bin Ibrahim Alkhorayef Witnesses Signing Of Five Investment Agreements At Saudi-Vietnamese Business Forum

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 between Saudi and Vietnamese companies. These agreements aim to foster partnerships in construction, infrastructure, advanced furniture manufacturing, training programs, and tourism. The forum was co-organized by the Hanoi Chamber of Commerce and Industry and the Federation of Saudi Chambers.

Alkhorayef emphasized the robust economic ties between Saudi Arabia and Vietnam. He highlighted the role of the Saudi-Vietnamese Business Council in enhancing investment partnerships and enabling private sector collaboration, especially in industry and mining. The Kingdom is keen on attracting quality foreign investments in these sectors.

The minister outlined promising opportunities within the Kingdom's industry and mining sectors. He mentioned various enablers and incentives provided to international investors, such as financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM). These measures aim to facilitate foreign investments.

Alkhorayef also discussed local content policies that support localization efforts. These policies give domestic manufacturers a competitive edge in government procurement opportunities, further boosting local industries.

In his remarks, Alkhorayef reviewed developments in the mining sector, which is considered a key pillar of Saudi Arabia's national industrial economy under Vision 2030. The Comprehensive Mining and Mineral Strategy launched in 2017, along with the National Geological Survey Program, has significantly increased the estimated value of the Kingdom’s mineral resources from $1.3 trillion to $2.5 trillion.

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

Strengthening Economic Relations

Alkhorayef’s participation in this forum was part of an official visit to Vietnam aimed at strengthening economic relations between both nations. His visit focused on exploring cooperation in industry and mining while attracting quality investments to Saudi Arabia as part of Vision 2030 initiatives.

The event underscored mutual interests in advancing industries through collaboration on research, innovation, and technology development. Such initiatives are expected to enhance bilateral trade relations further.

With inputs from SPA