His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, discussed today with the Vice President of the Federative Republic of Brazil, Minister of Development, Industry, Trade, and Services, Dr. Geraldo Júnior, ways to enhance the economic and industrial relations between the two countries, as well as attractive investment opportunities for Brazilian companies in the industrial and mining sectors in the Kingdom.
The meeting, which was attended by His Excellency the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, His Excellency the CEO of the Saudi Export-Import Bank, Saad Al-Khaleb, and the Ambassador of the Custodian of the Two Holy Mosques to the Federative Republic of Brazil, Dr. Faisal bin Ibrahim Ghulam, reviewed the promising sectors highlighted in the National Industrial Strategy, along with the attractive opportunities in the mining sector, as well as the enablers and incentives provided by the Kingdom to facilitate business operations in the industrial and mining investment environment.
During the meeting, both parties praised the positive development in economic and trade relations between the two countries, which has resulted in a number of joint projects in the industrial and mining sectors. Al-Khorayef also congratulated Brazil on its presidency of the G20 in 2024.
Saudi non-oil exports to Brazil saw significant growth, increasing by 5.65% annually between 2018 and 2023. In 2023, the value of Saudi exports to Brazil exceeded 3 billion riyals, while imports amounted to more than 13 billion riyals.
The meeting between the Minister of Industry and Mineral Resources and his Brazilian counterpart comes as part of his leadership of the industrial and mineral resources delegation, which is on an official visit to Brazil and Chile from July 22 to 30, aimed at strengthening bilateral ties and attracting investments to the Kingdom’s industrial and mining sectors.
