RIYADH: Saudi Arabia’s industrial and mining sectors are set to benefit from potential ties with Switzerland amid a ministerial visit to the European country.
During his trip, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef aims to review investment opportunities in the sectors for which he is responsible, the Saudi Press Agency reported on Monday.
The minister is also reportedly planning to open new channels of communication for investors from both countries.
Alkhorayef is scheduled to participate in the World Economic Forum, meet government officials, and visit several Swiss companies during his stay.
The ministerial visit will help the Kingdom diversify its economic base by opening its doors to investors from all over the world.
In 2021, the volume of the Kingdom’s non-oil exports to Switzerland amounted to more than SR3.42 billion ($911.82 million), while the volume of imports was recorded at SR7.99 billion.
Saudi Arabia’s key exports included precious metals, jewelry, building materials, and re-exports of cars.
Imports to the Kingdom from Switzerland included medicines, heavy machinery, electronics, and food products.
In January, the 13th meeting of the Saudi-Swiss Joint Economic Committee and the Saudi-Swiss Executive Investment Forum was held in Zurich.
It examined bilateral economic ties and discussed issues related to the technology, tourism, energy, and health sectors.
Participants emphasized the significance of broadening the scope of cooperation between Saudi Arabia and Switzerland by capitalizing on opportunities in areas of mutual interest.
The forum saw the signing of an agreement to launch a global company to operate and manage hotels in the Kingdom, as well as a deal to establish a joint venture in precious metals, and four memorandums of understanding in tourism, hospitality, and health.
