Minister of Industry and Mineral Resources Bandar Alkhorayef has met with several US private sector leaders at the roundtable meeting at World Business Chicago, which focused on boosting cooperation in the industrial and mining sectors and exploring key investment opportunities.
Alkhorayef emphasized the robust nature of US-Saudi relations, noting that trade between the two nations exceeds $32 billion.
He recalled the recent visit of President Donald J. Trump, during which a significant strategic partnership agreement was established between Saudi Arabia and the United States, along with several additional agreements spanning sectors such as defense, energy, mining, technology, and AI.
He outlined the role of Saudi Arabia’s industrial sector as a central part of the Kingdom’s economic diversification agenda under Vision 2030 and highlighted the Kingdom’s competitive incentives and initiatives aimed at supporting investors under the National Industrial Strategy, which targets 12 strategic sectors, including downstream chemicals, automotive, aerospace, and metals industries.
The strategy aims to increase the industrial sector’s GDP contribution to $244 billion by 2030.
He also noted that the strategy will unlock 800 investment opportunities, valued at an estimated $266 billion, to position Saudi Arabia as a global industrial hub.
Alkhorayef disclosed that the mining sector represents the third pillar of the national industrial economy under Vision 2030.
He pointed to the Kingdom’s untapped mineral wealth, valued at $2.5 trillion, which includes gold, copper, and rare earth elements.
He noted that Saudi Arabia has implemented advanced regulatory reforms to facilitate investment, including the Mining Investment Law, and emphasized ongoing efforts by the industrial and mining ecosystem to foster sector development and improve the investment environment, including reducing the timeframe to obtain mining licenses to just 90 days.
The roundtable meeting witnessed the participation of over 30 investors, along with leaders from the industrial and mining sectors, who gathered to explore opportunities and deliberate on strengthening economic and investment ties between the two countries.
Discussions focused on key sectors, including downstream chemicals, automotive, aerospace, and metals industries.