Strengthening international economic partnerships
In a move aimed at strengthening international economic partnerships and expanding cooperation, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, held a roundtable meeting in the Kingdom of Belgium with senior representatives of the Belgian private sector and investors. This meeting is part of an official visit aimed at exploring opportunities to deepen high-quality investment partnerships in the industrial and mining sectors, serving the strategic objectives of both countries.
Vision 2030: The main driver of international partnerships
This diplomatic and economic initiative is an integral part of the broader framework of Vision 2030, which aims to transform the Saudi economy from one dependent on oil to a diversified and sustainable one. The Ministry of Industry and Mineral Resources plays a pivotal role in achieving this transformation through the National Industrial Strategy, which aims to position the Kingdom as a leading industrial power and a global logistics hub. By attracting foreign direct investment from advanced industrial nations such as Belgium, the Kingdom seeks to transfer advanced technology, localize knowledge, and create high-quality jobs for its citizens.
Discussion topics and promising investment opportunities
The meeting, attended by Belgian Deputy Prime Minister and Minister of Labor, Economy, and Agriculture, David Clarinval, featured a comprehensive review of the ambitious goals of Vision 2030 and the promising opportunities offered by the Kingdom's investment environment. Saudi Arabia's competitive advantages were highlighted, including its strategic geographic location, advanced infrastructure, and attractive incentives for foreign investors to facilitate business operations.
Discussions focused on developing joint investments in strategically prioritized sectors, including chemicals, mining and metals, pharmaceuticals and biotechnology, and food processing. Ways to enhance integration within industrial value chains and transfer advanced manufacturing technologies were also explored, with the aim of increasing production efficiency and supporting sustainable economic development goals in both countries.
The strategic importance and impact of the Saudi-Belgian partnership
This partnership is of paramount importance on several levels. Domestically, Belgian investments are expected to accelerate industrial transformation, enhance local content, and support the growth of small and medium-sized enterprises (SMEs). Regionally, strengthening the Kingdom's industrial capabilities will solidify its position as a leading economic hub in the Middle East.
Internationally, this cooperation represents a model of mutually beneficial economic partnerships, where Belgian companies benefit from access to a large and growing market, while the Kingdom benefits from advanced European expertise and technologies. This meeting further strengthens the historical ties between the two kingdoms and opens a new chapter of fruitful economic cooperation that aligns with global trends toward building resilient and sustainable economies.
