The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, affirmed that Saudi Arabia has become an important player in the mining sector globally.
The Kingdom is moving forward to develop its mining sector to maximize its benefits in diversifying sources of income for its national economy.
During his participation in the roundtable meeting organized by the Industrial Federation of São Paulo, Al-Khorayef stated that mineral production is a global issue requiring international leadership and cooperation, due to its importance in driving the global energy transition.
International Mining Conference
He stated that the International Mining Conference is now the key platform for discussing opportunities, challenges, and solutions in mining. He also encouraged Brazilian companies to attend the fourth edition of the conference in Riyadh next January. This will explore the future of Saudi mining and investment opportunities.
Al-Khorayef also pointed out that the national industry strategy in the Kingdom focuses on diversifying 12 key sectors and providing investment opportunities for over 800 projects worth one trillion Saudi Riyals. The goal is to enhance industrial exports and transform the industrial landscape in the Kingdom towards a more prosperous future.
He also reviewed the Kingdom’s advantages, including its rich natural resources, human capital, modern infrastructure, and business-friendly environment.
“The Kingdom aims to localize the pharmaceutical industry and attract global investments in healthcare through various enablers and financial incentives, viewing it as an essential element for economic diversification. One of the main goals is to localize 80-90% of insulin,” he added.
AlKhorayef expressed his gratitude to the Industries Federation of São Paulo for organizing the roundtable discussion. He also emphasized that the ideas shared reinforced the belief in the potential of partnership between the two countries.
Furthermore, the participation of Al-Khorayef in the roundtable meeting hosted by the Federation of Industries of the State of São Paulo (FIESP) is part of his current official visit to Brazil. This visit includes Brazil and Chile from July 22 to 30. It aims to enhance cooperation in the industrial and mining sectors.
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