Riyadh, December 21, 2024 – In a significant meeting today, Minister of Industry and Mineral Resources Bandar Alkhorayef of Saudi Arabia engaged with Australian Deputy Prime Minister and Minister of Defense Richard Donald Marles to discuss enhancing bilateral economic ties between the two nations. The conversation centered around opportunities for expanding cooperation, particularly in the industrial and mining sectors, in line with Saudi Arabia’s broader economic vision and development goals.
Minister Alkhorayef began the discussion by highlighting the strategic objectives of Saudi Vision 2030, which aims to diversify the Kingdom’s economy and reduce its dependency on oil revenues. He emphasized that Vision 2030 offers vast potential for Australian companies to invest in various sectors within Saudi Arabia. Among the most promising areas are industrial sectors such as food industries and food security, which are a central focus of the National Industrial Strategy. This strategy seeks to develop and localize industries that will contribute significantly to national economic growth, and Alkhorayef encouraged Australian businesses to explore these opportunities.
The meeting also explored the significant potential within Saudi Arabia’s mining sector, which is seen as a key pillar of the Kingdom’s long-term economic transformation. Minister Alkhorayef detailed the comprehensive opportunities in mining, emphasizing that Saudi Arabia’s mining industry offers a complete value chain, from exploration and mineral exploitation to processing. The Kingdom is keen to develop its mining potential, and the government is actively seeking international partnerships to help unlock the sector’s full capabilities.
In addition to the sector-specific opportunities, the two leaders discussed the overall investment environment in Saudi Arabia. Minister Alkhorayef outlined the Kingdom’s strategic advantages, which make it an attractive destination for international investors. Saudi Arabia’s central geographic location, connecting three major continents, positions the country as a key hub for trade and commerce. The Kingdom also boasts abundant natural resources, cutting-edge infrastructure, and competitive energy prices, all of which enhance its appeal to foreign investors. Alkhorayef pointed out that the government has established a robust system of incentives designed to simplify the investment process, offering a favorable climate for both local and international companies.
This meeting between Saudi and Australian officials reflects a growing commitment to strengthening bilateral economic relations and fostering partnerships that will drive long-term growth. With an emphasis on industry, mining, and strategic investments, both nations are poised to benefit from deeper cooperation and the creation of sustainable economic opportunities.