Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a major global player in the field.
It is forging ahead in developing its mining sector as part of the Kingdom’s efforts to diversify its economy, he said during his participation in a roundtable meeting organized by the Federation of Industries of the State of Sao Paulo during his official visit to Brazil.
The roundtable was attended by several leading figures in the mineral wealth sector.
AlKhorayef said mining is a global issue that demands international leadership and cooperation given its importance in pushing forward the energy transition across the world.
“The Kingdom recognizes that global mineral production challenges require collective leadership,” he added.
“Our strategy for real progress is rooted in collaboration, and while we maintain our ambitious goals, we focus on forging strong partnerships worldwide,” he stressed.
“Mineral production transcends economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom is poised for transformative growth,” he went on to say.
Moreover, AlKhorayef highlighted the fourth edition of the International Mining and Resources Conference, set to take place in Riyadh in January, saying it has become the most important platform for discussing opportunities, issues, and solutions in the global mining sector.
The minister said Saudi Arabia’s national industry strategy aims to diversify 12 main sectors and provide job opportunities at over 800 projects that are worth a trillion riyals.
Furthermore, the minister said Saudi Arabia was seeking to “revolutionize the pharmaceutical sector, with a target to localize 80-90% of insulin production and attract top-tier investments in healthcare.”
He highlighted the Kingdom’s wealth of natural resources and human capital, major investment opportunities and modern infrastructure.
AlKhorayef kicked off his visit to Brazil on July 22. He is later set to visit Chile.
