Santiago, Minister of Industry and Mineral Resources Bandar Alkhorayef, in a roundtable meeting organized here by the Ministry of Industry and Mineral Resources in cooperation with Sociedad de Fomento Fabril (SOFOFA) (the Federation of Chilean Industry), urged Chilean companies to invest in the opportunities offered by the industrial and mining sectors, and take advantage of the capabilities and incentives the Kingdom provides for investors.
Alkhorayef highlighted that the national strategy for industry focuses on developing 12 industrial sectors and localizing promising industries, including medicine and food.
He said that the Kingdom’s national strategy for industry seeks to explore various industrial sectors, maximize the use of raw materials, including oil, gas, chemicals and minerals, and take advantage of the Kingdom’s strategic position which helps its products reach various global markets.
Alkhorayef also underlined the strength of the Saudi mining sector, which, along with the mineral wealth, is o
f great importance to the world, pointing out that the advances in the mining sector are achieved bearing in mind the need to balance attainment of economic goals with compliance with environmental and social standards.
‘Since the launch of our mining strategy, we have witnessed a significant increase in the estimated value of our mineral resources, which increased from $1.3 trillion to $2.5 trillion by January of this year, representing a 90% increase, due to the government’s investments in geological survey and exploration, along with the contributions of the private sector, and we are keen to benefit from Chile’s experience in developing its mining sector,” Alkhorayef said at the meeting.
He pointed to the great investment opportunities currently provided by the Saudi mining sector, which are attractive to mining companies worldwide.
He said that his other meetings with Chilean ministers discussed the opportunities and incentives that the mining sector in the Kingdom provides to investors.
Alkhorayef p
ointed out that the Kingdom seeks, in its Vision 2030, to diversify the sources of income of its economy by resorting, besides oil and gas, to other industries as well, and that the mining sector is one of the main such sectors in this plan that it focuses on developing and exploiting the country’s natural resources effectively, stressing that the mining sector is a complex industry that requires major support from the government to ensure that mining companies and investors are acting responsibly toward the environment, communities and economy.
Also presented at the roundtable was a review by the Ministry of Industry and Mineral Resources of the National Industrial Strategy and the comprehensive mining strategy, as well as the investment opportunities in these two sectors.
Source: Saudi Press Agency