In a significant diplomatic and economic move, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, held two bilateral meetings in Brussels, the Belgian capital, with high-level officials from the European Commission. These discussions took place within the framework of an official visit aimed at deepening the strategic partnership between the Kingdom of Saudi Arabia and the European Union, and exploring new avenues for cooperation in vital areas that support global economic security.
Strategic context: Vision 2030 and shared European interests
This visit comes at a crucial time as the Kingdom, under the umbrella of Vision 2030, seeks to diversify its economy away from oil and build an advanced and sustainable industrial sector. The Kingdom considers the European Union a key trade and investment partner, and this close relationship presents an opportunity to attract high-quality investments and transfer technology and knowledge. For its part, the European Union places paramount importance on securing resilient and stable supply chains, particularly for vital minerals and critical raw materials essential to the EU's digital and green transformation—a goal that aligns with the immense potential of the Saudi mining sector.
Details of the talks and their main topics
Minister Al-Khurayyef met with both the European Commissioner for the Mediterranean, Dubravka Šuička, and the European Commissioner for Trade and Economic Security, Maroš Šefčovič. Discussions focused on ways to strengthen bilateral economic cooperation and expand the existing partnership.
During the meetings, areas of joint cooperation that would solidify the Kingdom's position as a pivotal partner in supporting global economic security were reviewed. Mechanisms for integrating global supply chains to ensure the smooth flow of international trade were discussed, with particular emphasis on securing supplies of vital minerals used in future industries such as electric vehicle batteries and solar panels. Opportunities for integrating industrial value chains between the Kingdom and the European Union were also explored, along with expanding joint investments in sectors of mutual priority.
The importance and expected impact of the partnership
This partnership carries strategic dimensions that extend beyond bilateral relations. Domestically, it will contribute to accelerating the achievement of Vision 2030 goals by attracting European investments that support the localization of advanced industries and the creation of high-quality jobs. Regionally and internationally, this cooperation enhances the stability of the global economy by providing reliable sources of vital resources and offers a model for partnerships based on shared interests to address global challenges such as energy security and the resilience of supply chains. The Kingdom's commitment to enhancing coordination on issues of common interest underscores its role as a responsible economic power striving for stability and sustainable growth on the international stage.
