His Excellency Bandar bin Ibrahim AlKhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, met with several U.S. private sector leaders at the roundtable meeting at World Business Chicago.
During the meeting, His Excellency emphasized the robust nature of U.S.-Saudi relations, noting that trade between the two nations exceeds USD 32 billion. He recalled the recent visit of U.S. President Donald J. Trump, during which a significant strategic partnership agreement was established between the Government of the Kingdom of Saudi Arabia and the United States, along with several additional agreements spanning sectors such as defense, energy, mining, technology, and artificial intelligence.
The Minister outlined the role of Saudi Arabia’s industrial sector as acentral part of the Kingdom’s economic diversification agenda under Vision 2030. He highlighted the Kingdom’s competitive incentives and initiatives aimed at supporting investors under the National Industrial Strategy. The strategy targets 12 strategic sectors, including downstream chemicals, automotive, aerospace, aerospace, and metals industries. The strategy aims to increase the industrial sector’s GDP contribution to more than USD 238 billion by 2030.
He also noted that the strategy will unlock 800 investment opportunities, valued at an estimated USD 266 billion, to position Saudi Arabia as a global industrial hub.
His Excellency disclosed that the mining sector represents the third pillar of the national industrial economy under Vision 2030. He pointed to the Kingdom’s untapped mineral wealth, valued at USD 2.5 trillion, which includes gold, copper, and rare earth elements. The Comprehensive Strategy for Mining and Metals Industries aims to increase the sector’s contribution to GDP by USD 70 billion.
AlKhorayef noted that Saudi Arabia has implemented advanced regulatory reforms to facilitate investment, including the Saudi Investment Law and the Mining Investment Law, which are recognized among the best globally. These laws permit 100% foreign ownership and provide robust investor protections. He reaffirmed the Kingdom’s commitment to addressing investor challenges, emphasizing ongoing efforts by the industrial and mining ecosystem to foster sector development and improve the investment environment, including reducing the timeframe to obtain mining licenses to just 90 days.
The roundtable meeting witnessed the particpation of over 30 investors, along with leaders from the industrial and mining sectors, who gathered to explore opportunities and deliberate on strengthening economic and investment ties between the two countries. Discussions focused on key sectors, including downstream chemicals, automotive, aerospace, and metals industries.
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