Saudi Arabia to become a main player in global trade fields: Al Khorayef

Minister: Growth in Saudi Arabia before Vision 2030 was driven by oil resources

May 03, 2023

Saudi Gazette report

GENEVA — The Minister of Industry and Mineral Resources Bandar Bin Ibrahim Al Khorayef has affirmed Saudi Arabia's plan to become a main player in the global trade fields through investing in several sectors.

Al Khorayef's affirmation came during participating in a panel discussion entitled “Regional Trade and Cooperation in a Fragmenting World" at the World Economic Forum's Growth Summit 2023.

At the event that is being held in Geneva, Switzerland, He also confirmed the Kingdom's commitment with economic diversification and sustainable growth.

He said that Saudi Arabia will invest in many sectors such manufacturing and mining, in addition to benefiting from several of the advantages that it enjoys such as the natural resources and its distinguished geographical location.

The minister has shed light during the panel discussion that the growth was driven previously in Saudi Arabia by oil resources, noting that this was before its Vision 2030, which targets to launch the capabilities to several promising sectors that would have a real value for the Saudi economy.

The Mining Investment Law provides several stimulants for investors in order to develop worthwhile investment opportunities in the sector Al Khorayef said.

Al Khorayef has also renewed his invitation to all the participants in the forum to attend the International Mining Conference that Saudi Arabia is hosting annually.

The conference is set to bring together representatives from more than 60 countries, such as industry and investment leaders, as well as academics and multi-stakeholder organizations.

It is noteworthy that the minister has announced, at the beginning of his visit to Switzerland, 50 investment opportunities worth over $25 billion (more than SR96 billion) in the industrial machinery and equipment sector in Saudi Arabia.

It would also include the manufacturing of valves and pumps, and to assemble industrial robots.

He said that the machinery sector has developed an investment opportunity that it is working on now with a potential investor to assemble its industrial robotic arms, which are in its initial stage as a step to develop the robotics industry in the Kingdom.

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