Saudi Arabia and Belgium: Huge investments in the pharmaceutical industry
In a move aimed at strengthening the Kingdom’s position as a global industrial power, Minister of Industry and Mineral Resources Bandar Al-Khorayef began an important official visit to the Kingdom of Belgium, which will continue until February 12, to discuss prospects for joint cooperation and attract quality investments in vital sectors, most notably the pharmaceutical and medical industries.
High-level talks to enhance economic integration
Minister Al-Khorayef's agenda includes a series of strategic meetings with key decision-makers in the Belgian government, including Deputy Prime Minister and Minister of Labor, Economy, and Agriculture David Clarinval, and Minister for the Middle Class and Small and Medium-Sized Enterprises Eleanor Simonnet. The visit also includes meetings with representatives of the European Commission and leaders of major global industrial companies, reflecting a shared interest in knowledge transfer and the localization of cutting-edge technologies in line with the objectives of the Kingdom's Vision 2030.
The importance of cooperation in the pharmaceutical and petrochemical sectors
This visit is of exceptional importance given Belgium's global standing as a major hub for the pharmaceutical and chemical industries in Europe. This prominence aligns with the Kingdom's national industrial strategy, which prioritizes pharmaceutical and health security. Through these partnerships, the Kingdom aims to localize the production of vaccines and biopharmaceuticals, reducing reliance on imports and leveraging Belgium's extensive expertise in this field.
A long history and rising business figures
Saudi-Belgian relations are based on a historical legacy spanning more than seven decades, culminating in pivotal agreements such as the avoidance of double taxation (1997) and the protection of investments (2021). This historical depth is reflected in bilateral trade figures, with non-oil trade reaching approximately 16 billion riyals in 2024. Chemicals and plastics stand out as Saudi Arabia's most important exports, while pharmaceutical products constitute a major portion of imports from Belgium.
Attractive investment environment and advanced infrastructure
The Kingdom is presenting itself today as an ideal destination for Belgian investors, supported by advanced industrial and logistical infrastructure across 42 industrial cities. This trend is reinforced by existing success stories, with SABIC playing a pivotal role in Belgium with investments exceeding SAR 536 million in the plastics and chemicals sector, while Belgian investments in the Kingdom's aluminum sector are estimated at around USD 315 million. This visit is expected to open broader horizons for exchanging expertise and leveraging the Kingdom's natural resources and strategic geographic location to serve regional markets.
