https://arab.news/gdear
RIYADH: In a bid to attract French companies to invest in Saudi Arabia’s mining sector, the Kingdom’s Minister of Industry and Mineral Resources held a meeting with leading business figures at the headquarters of the Chamber of Commerce in Paris on Tuesday.
An array of promising funding opportunities were discussed as Bandar Alkhorayef met multiple officials from French firms and expressed the Kingdom’s keenness to facilitate investment, according to the Saudi Press Agency.
Alkhorayef’s visit is part of Saudi Arabia’s efforts to bolster the role of the mining and industrial sectors in the national economy and increase their contribution by attracting foreign investment.
The minister is in Paris to attend Vision Golfe, a landmark business event showcasing opportunities for commercial partnerships between France and the Gulf states that began on June 13.
It is a new platform promoting business cooperation in high-growth potential markets in both private and public sectors such as trade, sports and energy.
Key economic players, government ministers, and small business managers will have the opportunity to meet and exchange views in the two-day event, as well as representatives from start-ups and senior executives.
Rich in natural resources, Saudi Arabia has undertaken several policy initiatives in recent years to make its mining sector attractive to private investors.
The Kingdom’s strategic location and robust infrastructure also offer opportunities for firms to strengthen their global supply chain.
In March, Saudi Arabia’s industry ministry issued 27 new mining licenses, totaling 2,314.
The Kingdom has been striving to transform the mining sector into the third pillar of the national strategy.
This effort involves substantially exploring its natural resources across 5,300 sites valued at SR5 trillion ($1.33 trillion).
It boasts over 20 distinct mineral types, including gravel, gold, iron, copper, granite and marble.
The Kingdom also features 35 specific geological formations, known as mineral belts, with abundant deposits.
In addition to attracting qualitative investment opportunities in the industrial and mining sectors, Alkhorayef’s visit to France falls within the framework of promoting cooperation between the two countries.
It also reflects the Kingdom’s attempts to increase the access of Saudi non-oil exports to the French and European markets.