In a move reflecting the Kingdom of Saudi Arabia's commitment to strengthening its position as a global industrial power, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, intensified his diplomatic and economic activities during the Kingdom's participation in the 2026 World Economic Forum in Davos, Switzerland. These efforts are part of the Kingdom's endeavors to diversify its economic base and attract high-quality investments that serve the objectives of Vision 2030.
Government talks to enhance industrial cooperation
His Excellency the Minister began his activities by holding a series of high-level government meetings, including a meeting with the Prime Minister of Bermuda, David Burt. The meeting focused on reviewing promising investment opportunities between the two countries and discussing mechanisms to enhance trade and economic cooperation to achieve mutual interests. His Excellency also met with the Managing Director of the World Economic Forum's Centre for Advanced Manufacturing (WEF), where discussions centered on the pivotal role of governments in formulating flexible and supportive policies for the private sector, as well as ways to accelerate the adoption of Fourth Industrial Revolution technologies in production lines.
Localizing the vaccine industry and health security
In the context of focusing on health and pharmaceutical security, Minister Al-Khorayef held a strategic meeting with the Executive Vice President of the Coalition for Epidemic Preparedness Innovations (CEPI). The meeting centered on exploring joint opportunities to localize vaccine manufacturing within the Kingdom. This step is part of the Kingdom’s broader strategy to become a regional hub for biotechnology and pharmaceutical industries, enhancing the region’s ability to address future health challenges and reducing reliance on imports in this vital sector.
Partnerships with major global companies
In the private sector, His Excellency the Minister held bilateral meetings with leaders of leading global companies to promote knowledge transfer and technology localization. These meetings included the Chairman and CEO of Medtronic, a leader in medical technologies; the CEO of Hertha Metals, a company specializing in metals; and the CEO of Archer, a company specializing in advanced air transport solutions.
These meetings addressed the expansion plans of these companies in the Saudi market and reviewed innovative solutions for reducing carbon emissions in the industrial sector, in line with the Saudi Green Initiative and the Kingdom's climate commitments. They also explored ways to transfer modern manufacturing technologies to smart transportation, which supports the Kingdom's ambitions to develop a sophisticated and sustainable logistics infrastructure.
Strategic context and economic impact
These meetings are particularly important given the Kingdom's implementation of its National Industrial Strategy, which aims to create an industrial economy that attracts investment and contributes to diversifying income sources. The focus on sectors such as mining, pharmaceuticals, and advanced manufacturing at a global forum like Davos underscores the Kingdom's commitment to becoming a global logistics and industrial hub connecting three continents. Attracting companies like Archer and Medtronic is not merely about capital investment; it also signifies the localization of knowledge, the creation of quality job opportunities for Saudi nationals, and the enhancement of local content in high value-added industries.
