Saudi Arabia is aiming to enhance its collaboration with Asia in research, development, and innovation, particularly looking to China for advancements in technology and the automotive industry. This initiative is part of the Vision 2030 economic diversification plan, which includes mining as a key sector.
Saudi Arabia’s mineral wealth is valued at $2.5 trillion, and the country sees potential in relocating manufacturing to its territory through cooperation in R&D and innovation. Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, emphasized that Saudi Arabia could address global supply chain challenges and grow its manufacturing base to serve both local and international markets.
AlKhorayef recently concluded a trip to the Greater Bay Area and Singapore, promoting Saudi Arabia as a prime location for production and logistics. He highlighted the country’s strategic advantages, including raw materials, energy prices, and infrastructure.
During his visit, he invited Chinese companies to invest in Saudi Arabia, focusing on new business models like “Industry 4.0” and artificial intelligence. This was underscored during a roundtable in Guangzhou organized by the Federation of Chambers of Commerce.
In Hong Kong, AlKhorayef met with officials to discuss trade, innovation, and economic development. China remains Saudi Arabia’s largest trading partner, with trade volume exceeding $100 billion in 2023.
AlKhorayef also remarked on the strategic importance of Saudi Arabia in the Belt and Road Initiative, highlighting the kingdom’s ability to connect growing markets. He expressed optimism about the opportunities for collaboration between Saudi Arabia and Asia.
“It’s great to be here,” said AlKhorayef, reflecting on his visit. “I’ve been warmly welcomed by both the private sector and government, and I see tremendous opportunities for our mutual growth.”