The Minister of Industry discusses economic partnership with the European Union
In a strategic move aimed at strengthening the Kingdom of Saudi Arabia's position as a global industrial and logistical powerhouse, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, held a series of important talks in Brussels, the Belgian capital and headquarters of the European Union. This visit comes at a crucial time, as the global economy undergoes major transformations that necessitate building flexible and sustainable international partnerships.
Strengthening economic cooperation and securing supply chains
During his official visit to the Kingdom of Belgium, Minister Al-Khorayef discussed ways to develop the existing economic partnership between the Kingdom and the European Union. The talks focused primarily on consolidating the Kingdom's role as a pivotal and reliable partner in supporting global economic security, with particular emphasis on enhancing the integration of supply chains and ensuring the smooth flow of international trade amidst current geopolitical challenges.
The visit's agenda included an important meeting with the European Commissioner for the Mediterranean, where the two sides discussed prospects for expanding bilateral cooperation and enhancing coordination on issues of common interest. This coordination aims to strengthen regional and international economic stability and improve the preparedness of economies to face rapid global changes.
Critical minerals: A cornerstone of future partnerships
In a related development, Al-Kharif held a strategic meeting with the European Commissioner for Trade and Economic Security. The meeting addressed a crucial issue concerning securing supplies of critical and vital minerals, which are essential for modern industries and clean energy technologies. The two sides reviewed opportunities for integrating industrial value chains between the Kingdom and the European Union, and discussed expanding joint investments in this promising sector.
These talks are of particular importance given the Kingdom’s vast untapped mineral wealth and the European Union’s efforts to diversify its sources of raw materials needed for advanced industries and the green transition, creating complementary opportunities that benefit both parties.
Vision 2030 and attracting quality investments
These intensive meetings are part of the Minister's visit to Belgium, which aims directly to exchange expertise with leading European countries in the fields of advanced industries and automation. Through these economic diplomacy efforts, the Kingdom seeks to attract high-quality investments that support the objectives of "Vision 2030," which aims to diversify national income sources and establish the industrial and mining sectors as a third pillar of the national economy.
On the sidelines of the visit, Al-Kharif held a roundtable meeting with a select group of leading Belgian companies and prominent investors. The meeting explored promising investment opportunities for deepening partnerships in the industrial and mining sectors, highlighting the incentives and enablers offered by the Vision to facilitate industrial transformation and maximize the private sector's contribution to sustainable economic development.
