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Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Thursday, 23 June, 2022 - 05:15
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has met in London with Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, the Saudi Press Agency reported.


Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining, SPA said Wednesday.


Both sides explored investment opportunities in the industrial and mining sectors, and strengthened ongoing collaboration.


The Kingdom's total non-oil exports to the United Kingdom amount to SAR1.53 billion whereas its total non-oil imports from the United Kingdom amount to SAR10.50 billion.


According to the SPA, the ministers emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom's Vision 2030 objectives aimed at diversifying the economy.


With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted.


The Kingdom's mineral wealth is estimated to be worth $1.3 trillion. Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors.


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