Minister of Industry and Mineral Resources Invites Chilean Companies to Seize Unique Opportunities in the Kingdom's Industry and Mining Sectors
His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, emphasized that the National Industrial Strategy focuses on developing 12 industrial sectors and localizing promising industries such as pharmaceuticals and food products. He called on investors and Chilean companies to invest in the unique opportunities provided by the industry and mining sectors and to take advantage of the incentives and enablers offered by the Kingdom to investors.
This came during His Excellency's participation in a roundtable meeting organized by the Ministry of Industry and Mineral Resources in collaboration with SOFOFA, the Federation of Chilean Industry, with the participation of several heads of major Chilean companies. The meeting was also attended by His Excellency the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, the CEO of the Saudi Export-Import Bank, Mr. Saad Al-Khalb, and the Ambassador of the Custodian of the Two Holy Mosques to the Republic of Chile, Mr. Khalid bin Ibrahim Al-Salloum.
Al-Khorayef explained that the National Industrial Strategy aims to explore various industrial sectors and maximize the use of raw materials, including oil, gas, chemicals, and minerals, while leveraging the Kingdom’s strategic location to access diverse global markets.
During his speech at the meeting, His Excellency highlighted the strength of Saudi Arabia’s mining sector, pointing out that the Kingdom possesses significant mineral wealth that is of great importance to the world. He also noted that the transformational progress in the mining sector is accompanied by a balanced approach to achieving economic objectives while adhering to environmental and social standards.
Al-Khorayef stated:
"Since the launch of our mining strategy, we have witnessed a significant increase in the estimated value of our mineral resources, rising from $1.3 trillion to $2.5 trillion as of January this year. This represents a 90% increase, which is attributed to the government’s investments in geological surveys and exploration, along with contributions from the private sector. We are keen to benefit from Chile's experience in developing its mining sector."
His Excellency also pointed out the unique investment opportunities currently available in Saudi Arabia’s mining sector, which are attractive to mining companies worldwide, including Chilean companies. He stated that his meetings with Chilean ministers discussed the enablers and incentives provided by the Kingdom’s mining investment environment to investors.
Al-Khorayef further emphasized that Saudi Arabia’s Vision 2030 aims to diversify the Kingdom's economy away from oil and gas. One of the main pillars of this vision is the mining sector, which is a key focus for effective utilization of natural resources. He stressed that mining is an inherently challenging industry that requires significant government intervention to ensure that mining companies and investors act responsibly toward the environment, society, and the economy.
The roundtable meeting also included a presentation by the Ministry of Industry and Mineral Resources on the National Industrial Strategy, the Comprehensive Mining Strategy, and the investment opportunities in both sectors.
