Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef stated that Saudi Arabia has proven its strength in the mining sector, becoming an important and empowered global player in the field. In a roundtable meeting on Tuesday organized by the Federation of Industries of the State of São Paulo, Alkhorayef said that the Kingdom is moving forward in developing its mining sector to maximize its benefits in diversifying sources of income for the national economy. The minister highlighted mineral production as a global issue that requires international cooperation, given its importance in driving forward the energy transition worldwide. He said that the Future Minerals Forum has become the most prominent platform for discussing qualitative opportunities in the mining sector and exploring its development issues, challenges, and solutions. Alkhorayef invited Brazilian companies to participate in the fourth edition of the forum in Riyadh in January 2025 to learn about the future of the Saudi minin g sector and the quality opportunities available for investors. The minister explained the National Industrial Strategy in Saudi Arabia, which focuses on diversifying 12 key sectors and providing investment opportunities for more than 800 projects worth 1 trillion Saudi Riyals. The strategy aims at enhancing industrial exports and transforming the industrial landscape in the Kingdom towards a more prosperous future. He highlighted the advantages provided by the Kingdom thanks to its rich natural resources, human capital, vast investment opportunities, modern infrastructure, and business-friendly environment. Alkhorayef noted that Saudi Arabia aims to localize the pharmaceutical industry and attract world-class investments in the healthcare sector through various enablers and financial incentives to enhance the healthcare industry. He described healthcare as an advanced pillar for economic diversification, underscoring the objective of localizing 80-90% of insulin production. The minister discussed the aut omotive sector and investment prospects for Brazilian companies. He said the sector is one of the promising industries in the Kingdom, being an emerging sector in need of all supply chains. He affirmed that Brazilian companies would find quality investment opportunities in this sector. The minister expressed his gratitude to the Federation of Industries of the State of São Paulo for organizing the roundtable, affirming that discussions have strengthened the belief in the potential for partnership between the two countries. He also affirmed that leveraging the strengths of both the Saudi and Brazilian sides can develop strong supply chains, enhance technology exchange, and encourage innovation. Such collaboration will help achieve sustainable development, establish economic resilience, and create opportunities for future generations. The minister's participation in the roundtable is part of his current official economic visit to Brazil and Chile from July 22 to 30 with the aim of enhancing cooperation in th e industry and mining sectors. Saudi Exim Bank CEO Saad Alkhalb and several top officials in the industry and mineral wealth system attended the roundtable. Source: Saudi Press Agency
