Saudi Gazette report

SAO PAULO — Minister of Industry and Mineral Resources Bandar Al-Khorayef showcased the Kingdom's industrial and mining investment advantages during a meeting with Antonio Ricardo Alvarez, President of the National Confederation of Industry in Brazil (CNI), in Brazil on Friday.

He highlighted the incentives and enablers offered to investors and measures to facilitate doing business in these sectors, which have boosted their competitiveness and attractiveness.

Al-Khorayef invited Brazilian companies to explore quality opportunities in 12 promising sectors emphasized by the National Industrial Strategy.

The meeting focused on enhancing cooperation between Saudi Arabia and Brazil in the industrial sector, identifying key sectors with high export and import potential, such as petrochemicals, food manufacturing, and machinery and equipment.

The discussions also explored opportunities for building partnerships and leveraging the industrial strengths of both countries to improve mutual industrial cooperation and enhance global market access.

Al-Khorayef elaborated on the pathways of the National Industrial Strategy, highlighting attractive opportunities in specific sectors, investment enablers, incentives, and support mechanisms available to industrial investors.

He emphasized the Kingdom's efforts to exploit its mineral resources and enhance the mining sector's contribution to diversifying Saudi Arabia's economic income sources. These efforts include launching the General Geological Survey Program and amending the Mining Investment Law to improve the investment environment.

He stressed the importance of international cooperation in developing the mining sector, particularly with Brazil due to its extensive experience and capabilities.

Additionally, Al-Khorayef met with Luciana Santos, Brazilian Minister of Science, Technology, Innovation, and Communications, to discuss the latest technologies of the Fourth Industrial Revolution (4IR) and the digital economy. They explored opportunities for exchanging expertise in innovation and technical development, enhancing partnerships in smart manufacturing technologies, and improving production efficiency through the automation of industrial facilities. The meeting also covered cooperation in the digital economy, emerging technologies, and digital knowledge exchange.

Al-Khorayef also held talks with Jorge Viana, President of the Brazilian Trade and Investment Promotion Agency (Apex), to discuss strengthening bilateral cooperation in the mining sector. They reviewed unique investment opportunities in exploring base and precious minerals in the Kingdom, the Mining Exploration Incentives Program, licensing mineralized belts, and facilitating the business environment for mining investments.

The meetings were attended by Vice Minister of Industry and Mineral Resources for Mining Affairs Engineer Khalid Al-Mudaifer, CEO of the Saudi Export-Import Bank Saad Al-Khalb, and Saudi Ambassador to Brazil Faisal Ghulam.

These bilateral meetings were part of Al-Khorayef's official visit to Brazil and Chile from July 22 to 30, aiming to strengthen bilateral ties and attract investments to Saudi Arabia's industrial and mining sectors.