Saudi Arabia and Indonesia have taken steps to deepen collaboration in the mining and minerals sector through a new preliminary agreement. This initiative was formalized during a visit by Saudi Arabia’s Industry and Mineral Resources Minister, Bandar Al-Khorayef, to Jakarta.
Indonesia, recognized for its significant nickel reserves and other valuable minerals like copper and bauxite, relies heavily on mining, which makes up nearly 12 percent of its GDP. The agreement aims to facilitate the exchange of expertise, technology, and sustainable practices between the two countries, focusing on areas such as mineral exploration, extraction, and industry development.
In addition to signing the memorandum of understanding with Indonesia’s Energy and Mineral Resources Minister, Al-Khorayef met with key figures from various sectors, including industry and state-owned enterprises, to discuss broader investment opportunities. These discussions covered mining, food, pharmaceuticals, and auto parts, aligning with Saudi Arabia’s Vision 2030 economic goals.
Workforce development also featured in the visit, with Indonesia expressing readiness to supply skilled labor to support Saudi Arabia’s industry needs. Furthermore, a preliminary deal was reached between the Saudi Export-Import Bank and Indonesia’s counterpart to enhance trade and economic cooperation.
Bilateral trade between the two nations has shown steady growth, with non-oil trade reaching $3.3 billion, marking a notable increase in recent years.