Saudi Industry Minister Engages Chinese Companies On Lithium, Copper Investments

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, engaged with Chinese mining firms to boost collaboration in the mining sector. The discussions focused on joint investment opportunities in lithium processing for electric car batteries and copper refining. Assistant Minister Abdullah Ali Alahmari, CEO Saleh Al-Solami, and CEO Majed Al-Argoubi were also present.

Alkhorayef highlighted Saudi Arabia's ambition to become a global leader in electric vehicle production. The Kingdom aims to manufacture 500,000 electric vehicles annually by 2030. This goal is part of a broader strategy to develop infrastructure for the electric car industry within the country.

Last year, Saudi Arabia issued its first license for an electric car brand, "Ceer." Additionally, the first factory for manufacturing electric vehicles, "Lucid," was inaugurated. Ceer is a joint venture between Foxconn and the Saudi Public Investment Fund. They signed a USD1.3 billion contract to build an electric car complex in King Abdullah Economic City, set to begin production by 2025.

The minister reviewed the Kingdom's objectives with General Lithium Corporation's Chairman. They discussed investment opportunities in lithium production and processing. This follows Alkhorayef's visit to Chile last month, aimed at enhancing cooperation with the world's second-largest lithium producer.

Alkhorayef also met with Jiangxi Copper Company's Chairman. They explored investment in copper extraction, smelting, and refining. Jiangxi Copper plays a crucial role in the global copper industry and leads sustainability initiatives to meet rising copper demand.

Exploring Smart Manufacturing Solutions

The minister held meetings with leaders from major companies involved in smart manufacturing solutions and infrastructure development. Discussions included mutual investment opportunities and incentives provided by Saudi Arabia to industrial investors.

Alkhorayef met Biwin Storage Technology Company's Chief Strategy Officer to explore cooperation in packaging. He also met HeyGears' Co-founder and CEO in Guangzhou. HeyGears specialises in 3D printing technology and offers smart manufacturing solutions across various sectors like consumer electronics and healthcare.

Advancing Digital Skills

In another meeting, Alkhorayef discussed enhancing digital skills with Huawei Enterprise for Oil and Gas' CEO and Huawei KSA's Chairman. They explored implementing advanced technologies such as AI, robotics, and IoT to improve manufacturing efficiency.

The official visit to China is part of an economic tour that includes Singapore. The minister leads a delegation aiming to strengthen bilateral ties, attract investments, and discover industrial sector opportunities.

This comprehensive approach underscores Saudi Arabia's commitment to becoming a hub for electric vehicle production while fostering innovation in mining and manufacturing sectors.

With inputs from SPA