Saudi Arabia is an attractive destination for investment in advanced industries and mining

The Minister of Industry and Mineral Resources Bandar Al -Kharf met the leaders of the American private sector during the round table meeting held at the headquarters of the World Business Chicago, in the American city of Chicago, which focused on discussing ways to enhance joint cooperation in the industry and mining sectors, and explore the most prominent mutual investment opportunities in the two sectors.
Al -Khuraif emphasized the durability of strategic relations between the Kingdom and the United States of America and the deep bilateral economic ties, as the volume of trade exchange between the two countries reached more than 123 billion riyals.

Strategic partnership

He noted the importance of the recent visit of the President of the United States Donald Trump to Saudi Arabia in expanding the horizons of joint economic cooperation, as it witnessed the signing of the strategic partnership document between the Kingdom of Saudi Arabia and the United States of America, as well as signing agreements in a number of vital sectors that included defense, energy, mining, technology and artificial intelligence.
The minister pointed to the vital role of the industry and mining sectors as two basic pillars to diversify the Kingdom’s economy according to the 2030 vision.

800 investment opportunities

He explained that the National Industry Strategy focused on developing and resettling 12 promising sectors that include transformational chemicals, the auto industry, the aviation industry, and mining industries, as it aims to raise the contribution of the industrial sector to the gross domestic product to reach 244 billion dollars by 2030, and the strategy provides 800 investment opportunities valued at about a trillion riyals; To consolidate the Kingdom’s position as a global leading industrial center.
The graduate minister talked about the mining sector, stressing that Saudi Arabia aims to turn it into a third pillar in the national industry, by taking advantage of the unexploited metal wealth estimated at more than 9.4 trillion riyals, and it includes strategic minerals, including gold, copper and rare ground elements.
He stated that the comprehensive mining and mineral industries strategy aims to raise the sector’s contribution to 240 billion riyals in the gross domestic product of Saudi Arabia.
He praised the competitive advantages of the mining investment environment in the Kingdom, which enhances its attractiveness to local and international mining companies, as the mining investment system and its executive regulations provide incentives and legislation that facilitates investor trip.
He noted the active role that the industry and mineral wealth system plays in developing the mining sector, and improving its investment environment, including reducing the period of time to obtain mining licenses to become (90) days only.

It is noteworthy that the round table meeting witnessed the presence of the leaders of the American private sector, and more than 30 investors in several strategic sectors, the most important of which are transformational chemicals, the auto industry, the aviation industry, and the mining industries.
The meeting reviewed the development of the industrial and mining sectors in the Kingdom, the opportunities for investment in innovation and industrial technologies, and ways to build effective partnerships that support sustainable economic development in both countries