In a strategic move aimed at solidifying the Kingdom of Saudi Arabia's position as a leading industrial and mining power on the global stage, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, held a series of high-level meetings in Los Angeles, USA, exploring ways to enhance investment partnerships with the United States and France. These meetings, held on the sidelines of the Milken Institute Global Conference 2024, are part of the Kingdom's ongoing efforts to attract quality investments and localize advanced technologies, in line with the objectives of Vision 2030.
Strategic partnership with the United States
Minister Al-Khorayef met with Jacob Helberg, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, to discuss prospects for bilateral cooperation in the industrial and mining sectors. The discussion focused on joint investment opportunities and ways to enhance existing strategic partnerships to support sustainable economic growth in both countries. Saudi-U.S. relations are historic and deeply rooted, with the United States being a major trade and investment partner for the Kingdom. This renewed cooperation aims to leverage U.S. expertise in advanced technology and industrial innovation for ambitious Saudi projects.
Expanding the horizons of cooperation with France
In another meeting, His Excellency the Minister discussed with Pascal Canet, Ambassador for International Investments to the French Republic, opportunities to enhance industrial and mining cooperation and develop investment partnerships. During the meeting, they reviewed ways to expand cooperation between the Kingdom and France in priority sectors, including advanced industries, renewable energy, and sustainable mining. France has long been an important partner for the Kingdom in many areas, and this meeting aims to build upon these relations to open new avenues for mutual investment that serve the economic interests of both countries.
The importance of these partnerships in the context of Vision 2030
These discussions are of paramount importance as they are central to the Kingdom's economic diversification strategy under Vision 2030. The goal is not merely to reduce dependence on oil, but to build a diversified and sustainable economy capable of competing globally. The industrial and mining sectors are two fundamental pillars of this vision, as the Kingdom possesses vast mineral wealth valued at trillions of dollars. Attracting high-quality investments from leading countries such as the United States and France directly contributes to knowledge transfer, technology localization, the creation of high-quality jobs for Saudi youth, and the strengthening of local supply chains, thereby enhancing the competitiveness of Saudi products in regional and international markets.
Expected impact at the local and international levels
Domestically, these partnerships are expected to accelerate the growth of the non-oil industrial sector and increase its contribution to GDP. Internationally, securing strategic partnerships in the mining sector strengthens the Kingdom's position as a key player in securing the supply chains of vital minerals needed for global industries, particularly those related to the transition to clean energy and the electric vehicle industry. During the meetings, Minister Al-Khorayef emphasized the Kingdom's commitment to providing an attractive and stable investment environment and offering all necessary facilities to international investors, thereby supporting the development of long-term partnerships that achieve growth and prosperity for all.
