In an effort to harness Morocco’s mining acumen, Saudi Arabia is eyeing a collaborative approach, with the two nations jointly accounting for over 40% of the globe’s phosphate fertilizer production. Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, conveyed the prospect of forming major mining partnerships during a dialogue with investors and business figures in Morocco, as reported by the Saudi Press Agency.
Alkhorayef underscored the synergy between the two countries and how their combined efforts could significantly bolster the mining industry, a sector Saudi Arabia is keen to elevate as a cornerstone of its national industry. This initiative is in line with the Kingdom’s broader objectives under its National Industrial Strategy, which also targets sustainable sectors, food security, pharmaceuticals, and military industries.
The minister elucidated Saudi Arabia’s compelling advantages, such as its abundant oil and gas reserves and strategic geographic positioning, which offers easy access to pivotal regions like Africa. Saudi Arabia’s aptitude for future-forward industries, including those involved in car battery production, renewable energy, and space ventures, was also highlighted by Alkhorayef.
Stressing the importance of industrial synergy, the minister called for deeper integration not just with Morocco, but also with neighboring and Arab nations, identifying several avenues within the National Industrial Strategy to foster such development. Moreover, he underscored the incentives and support the Kingdom extends to investors in the industrial and mining spheres.
During his visit to Morocco, Alkhorayef engaged in discussions with Moroccan officials, aiming to bolster cooperation and unlock new investment opportunities for a sustainable partnership. He also showcased the strides made under Saudi Vision 2030, particularly in the industrial and mining sectors, to Moroccan thought leaders and economic specialists.
The minister’s official journey to the northwestern African nation, commencing on June 3, is a strategic move to deepen bilateral relations and strengthen economic ties between Saudi Arabia and Morocco.