Minister of Industry and Mineral Resources Bandar Alkhorayef has participated in a roundtable with major US companies in Los Angeles, and urged them to take advantage of the unique investment opportunities offered by the promising industrial sectors that the Kingdom is focusing on developing.
The roundtable explored the possibility of transferring knowledge and innovation to 12 promising industrial sectors targeted for development and localization by the National Industrial Strategy. These sectors include food, pharmaceuticals, aviation, and automotive industries. Investment opportunities can be found in areas such as automation of industrial facilities, smart industrial solutions, and advanced manufacturing technologies.
The meeting also discussed clean energy solutions in the industrial sector, and the most prominent technologies used for factories infrastructure projects.
Speaking at the meeting, Alkhorayef provided an overview of the development of the Saudi economy in recent years through a series of
reform measures and the roadmap presented by the Saudi Vision 2030, which aims to diversify sources of income, and which contributed to improving the economy’s efficiency, increased its growth rates, and enhanced its global competitiveness.
Alkhorayef stressed that the industry and mineral resources sector offers a range of incentives to investors, from the feasibility study and licensing stage to the production phase. Each investment opportunity is supported by a dedicated manager who assists investors at every stage of the project, providing necessary consultations and guidance on how to obtain government permits and access infrastructure services for the project, he said.
Regarding opportunities in the mining sector, Alkhorayef said that the Kingdom seeks to explore untapped mineral resources whose value stands at some $2.5 trillion. This aligns with the goals of the Saudi Vision 2030, which aims to make the mining sector the third pillar of industry and a vital source of income to the national economy.
H
e urged global mining companies to seize the unique opportunities available in mining at all stages, from exploration to exploitation and processing.
Alkhorayef said the investment environment in Saudi Arabia’s mining sector is stable and attractive, and the legislative framework established by the Mining Investment Law makes it the fastest-growing sector in the world.
Alkhorayef held bilateral meetings with leaders of several California companies, including GlassPoint, a solar power generator company; Plus, which specializes in AI; Albemarle, the largest provider of lithium for electric vehicle batteries in the world; and technology company Qualcomm.
Alkhorayef’s official visit to the US aims at boosting industrial and mining cooperation, ties between the two countries, attracting important investments to the Kingdom, and exploring investment opportunities in promising industrial sectors, with focus on aviation and space.
Source: Saudi Press Agency