Saudi Minister Of Industry And Mineral Resources Begins Official Visit To Canada For Enhanced Cooperation

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef has embarked on an official visit to Canada, which will last until October 2. The purpose of this visit is to strengthen industrial and mining ties between Saudi Arabia and Canada, explore shared opportunities, and attract foreign investments to the Kingdom. Accompanying him are key figures from the industry and mining sectors.

During his stay, Minister Alkhorayef will engage in strategic discussions with Canadian government officials and private-sector leaders in Ottawa and Toronto. These meetings aim to explore the latest digital financial technologies in the stock market and engage with leading global companies in the mining and geological-survey sectors. Additionally, he will visit institutions focused on industrial innovation and human capacity development.

In Toronto, Minister Alkhorayef will tour the Toronto Stock Exchange to understand its electronic financial systems. He plans to meet with TMX financial group chief executive John McKenzie and TMX president Louis Anastasopoulos. Their discussions will focus on potential cooperation in trading and investment in precious metals.

The minister will also participate in a roundtable meeting organized by the Saudi-Canadian Business Council. This event will include Ontario Deputy Governor Edith Dumont and Ontario's assistant minister of mines, Stephen Crawford. The meeting aims to highlight promising opportunities within Saudi Arabia's industrial and mining sectors, as well as incentives for foreign investors.

Minister Alkhorayef is scheduled to visit the University of Toronto to learn about its academic programs that support industrial and mining sector development. He will meet Professor Sebastian Goodfellow, director of the university's Lassonde Institute for Mining, along with a group of Saudi students studying there.

In Ottawa, Minister Alkhorayef will hold several governmental meetings. These include discussions with Minister of International Development Ahmed Hussein, Minister of Innovation, Science, and Industry Francois-Philippe Champagne, and Mining Industry Human Resources Council executive director Ryan Montpellier. He will also visit Canada's Ministry of Energy, Natural Resources, and Geological Survey.

Trade Relations Between Saudi Arabia and Canada

Saudi non-oil exports to Canada reached 140 million Saudi Riyals in 2023. These exports primarily consisted of ordinary metals and their products, along with plant products from the Kingdom. In contrast, non-oil imports from Canada during the same period amounted to 2.89 billion Saudi Riyals. Key imports included locomotives, railway lines, pharmaceutical products, optical instruments, imaging devices, electrical equipment.

The visit is expected to result in signing memoranda of understanding aimed at supporting development within both countries' industrial and mining sectors.

With inputs from SPA