Industry Minister: Saudi Arabia Seeks to Boost Partnership with India in Strategic Industries
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef stressed on Tuesday Saudi Arabia's commitment to boosting its strategic partnership with India across key economic sectors, particularly industry and mining.
The minister made his remarks while chairing a roundtable meeting with leaders from India's private sector in New Delhi.
Alkhorayef said the Kingdom is taking serious steps to boost collaboration in vital industries, including automotive, medical industries, biotechnology, chemicals, petrochemicals, machinery and renewable energy.
The meeting was attended by Local Content and Government Procurement Authority Chief Executive Abdulrahman Al-Samari, National Industrial Development Center Chief Executive Eng. Saleh Al-Solami, and Saudi-Indian Business Council Chairman Abdulaziz Al-Qahtani.
During his address to leading Indian business executives, Alkhorayef stated that the Saudi Vision 2030, which drives the Kingdom's economic diversification, sees India as an ideal partner due to its rich history, knowledge, and expertise.
Saudi Arabia's manufacturing and mining sectors present significant opportunities for collaboration between the two nations, he added.
The minister pointed to the potential for strong investment partnerships in the automotive sector, as Saudi Arabia is the largest importer of vehicles in the Middle East.
The Kingdom aims to localize car manufacturing, spare parts and supply chains, leveraging global expertise in automotive production, he went on to say.
As one of the world's largest petrochemical producers, he said that Saudi Arabia is committed to maximizing the domestic utilization of petrochemicals to create added value within the national economy.
Saudi Arabia sees a major opportunity for cooperation in machinery and equipment manufacturing, given India's advanced capabilities in this field, Alkhorayef stressed, highlighting that Saudi Arabia is undergoing a major transformation in mining and aspires to become a key player in the global metals market, increasing the demand for heavy equipment.
The minister detailed several initiatives to attract industrial investments, including the "Factories of the Future" program, which promotes advanced manufacturing technologies; low-cost land leasing for industrial projects; financial support from the Saudi Industrial Development Fund, which offers loans covering up to 75% of project costs with flexible repayment terms; export support through the Saudi Export Development Authority; competitive energy prices and improved industrial infrastructure; and training programs for local employees and talent attraction initiatives.
Alkhorayef underscored the Kingdom's strong focus on local content development, localizing strategic industries and integrating supply chains.
He stressed that achieving the goals of the Saudi National Industry Strategy requires activating public-private sector partnerships by enabling the latter to utilize opportunities provided by the strategy. The minister called on Indian companies to explore and benefit from the unique investment opportunities available in the Kingdom.
Alkhorayef later met with Indian Minister of Coal and Mines G. Kishan Reddy to discuss advancing Saudi-Indian cooperation in the mining and minerals sector.
The talks centered on exploring horizons of a strategic partnership and joint initiatives in mining, as well as mutual opportunities for prospecting critical minerals. Alkhorayef discussed means of exchanging knowledge and expertise in sustainable mining practices, as well as smart solutions for mining operations and mine management.
Additionally, the meeting addressed the enhancement of collaboration in developing human resources for the mining sector, facilitating the transfer of technology and innovation between the two countries, and leveraging advanced Indian solutions in mineral exploration. Participants discussed fostering joint efforts in geological survey programs.
The ministers emphasized the importance of collaboration among universities, scientific research institutions, and specialized companies in both nations to develop new technologies aimed at improving the efficiency of mining operations and achieving environmental sustainability.
Attending the meeting were Local Content and Government Procurement Authority (LCGPA) Chief Executive Abdulrahman Al Samari; Industrial Center Chief Executive Saleh Al Solami; and Saudi embassy Chargé d'Affaires Jadi bin Naif Alraqaas.
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