Strengthening economic relations between Riyadh and Brussels
In a move aimed at deepening bilateral economic relations, Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, held a high-level government meeting in Brussels, the Belgian capital. The meeting included, on the Belgian side, Deputy Prime Minister and Minister of Labor, Economy, and Agriculture, David Clarinval, and Minister for the Middle Class and Small and Medium-Sized Enterprises, Eleanor Simonnet. This meeting took place during an official visit by Minister Al-Khorayef to the Kingdom of Belgium, aimed at exploring new avenues for joint cooperation and expanding the base of investment partnerships between the two countries.
General context: Vision 2030 as a driver of international partnerships
These discussions fall within the broader strategic framework adopted by Saudi Arabia, “Vision 2030,” which aims to diversify the Kingdom’s sources of economic income and reduce its dependence on oil. Industry and mining are key pillars of this vision, as the Kingdom seeks to become a leading industrial power and a global logistics hub. Accordingly, Saudi Arabia is actively working to attract foreign direct investment and transfer advanced technology and global expertise. Belgium, with its central location in Europe and its advanced industrial base, is considered an ideal partner for achieving these ambitious goals.
The importance of the event and its expected impact
The meeting focused on ways to strengthen economic ties and develop joint cooperation in the industrial and mining sectors. Opportunities to expand investment partnerships in the industrial sector were discussed, with an emphasis on exchanging expertise, transferring knowledge, innovative solutions, and advanced technologies in vital industrial sectors such as pharmaceuticals and medical industries. Domestically, these partnerships are expected to accelerate industrial localization, create quality job opportunities for Saudi youth, and enhance local content. Internationally, strengthening relations with Belgium opens doors for Saudi products to enter the European market and reinforces the Kingdom's position as a reliable and stable investment destination in the Middle East.
Empowering small and medium enterprises
The meeting also addressed the importance of empowering small and medium-sized enterprises (SMEs), exploring ways for these companies to capitalize on the unique opportunities offered by the National Industrial Strategy and the Comprehensive Mining and Metals Strategy in the Kingdom. This approach aims to build an integrated and sustainable industrial ecosystem that supports the shared interests of both countries and contributes to achieving sustainable economic development. Engaging Belgian companies, renowned for their innovation and flexibility, can add significant value to the Saudi economy while providing them with a promising and expansive market for growth and expansion.
