Madrid, October 19, 2024 – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, met today with Spanish Senate Industry and Tourism Committee President Francisco Javier Lacalle Lacalle and Secretary General for Economic Affairs and G20 Manuel de la Rocha Vázquez during his official visit to Spain. The discussions centered on strengthening industrial and mining cooperation between the two nations and exploring opportunities within Saudi Arabia's rapidly expanding industrial sector.
Minister Alkhorayef highlighted the Kingdom’s ongoing economic transformation under the ambitious Vision 2030 initiative, emphasizing the critical role that both industry and mining play in diversifying Saudi Arabia’s economy. He outlined the Kingdom’s strategic focus on developing the mining sector as the third pillar of Saudi industry, alongside oil and petrochemicals, to create a robust and diversified economy. Saudi Arabia’s mining sector, which holds an estimated $2.5 trillion in untapped mineral wealth, is positioned as a major contributor to the Kingdom’s industrial growth.
Alkhorayef underscored the importance of international partnerships in driving this transformation, pointing out that Spain’s expertise in mining presents significant opportunities for collaboration. He expressed Saudi Arabia's openness to working closely with Spanish businesses to leverage their advanced knowledge and technology in the mining sector. Furthermore, the minister discussed the need to attract foreign investment into the sector, noting the vast potential for cooperation in areas such as mineral exploration, extraction, and processing.
Encouraging Spanish companies to invest in Saudi Arabia, Alkhorayef detailed the numerous opportunities available within the framework of the Kingdom's National Industrial Strategy and the Comprehensive Strategy for Mining. These initiatives are designed to support and accelerate the development of the industrial and mining sectors, providing a range of incentives and support mechanisms for investors. Alkhorayef emphasized that the Saudi government is committed to creating a favorable business environment and offering substantial benefits to foreign companies interested in contributing to the Kingdom's economic transformation.
The meeting served to reaffirm the growing ties between Saudi Arabia and Spain and set the stage for potential collaborations that could contribute to the development of Saudi Arabia's industrial and mining sectors.
