Saudi Arabia Seeks to Enhance Mining Cooperation with Morocco
In a bid to tap into Morocco’s mining expertise, Saudi Arabia is looking to strengthen its ties with the north African country, as both nations play a significant role in producing over 40 percent of the world’s phosphate fertilizer. The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, emphasized the potential for collaboration during a round table meeting with investors and businessmen in Morocco.
Transforming the Mining Sector
Alkhorayef highlighted Saudi Arabia’s ambition to make the mining sector the third pillar of its national industry. He also shed light on the Kingdom’s National Industrial Strategy, which focuses on key sectors like sustainability, food security, pharmaceuticals, and military industries.
Saudi Arabia’s Competitive Edge
The minister pointed out Saudi Arabia’s competitive advantages, such as its abundant oil and gas resources, and strategic geographical location that provides access to key regions like Africa. He also emphasized the Kingdom’s potential in future industries like car battery products, renewable energy, and space-related businesses.
Promoting Industrial Integration
Alkhorayef stressed the importance of industrial integration among Saudi Arabia, neighboring countries, and Arab nations. He highlighted the paths identified in the National Industrial Strategy to enhance integration and development. Additionally, he emphasized the incentives and facilities offered by the Kingdom to investors in the industrial and mining sectors.
Exploring Cooperation Opportunities
During his official visit to Morocco, Alkhorayef discussed ways to enhance cooperation in vital fields with Moroccan officials. He also highlighted the promising investment opportunities in both countries and the potential for sustainable partnerships. The Saudi minister shared insights on Saudi Vision 2030’s achievements with Moroccan opinion leaders and economic analysts, with a focus on the industrial and mining sectors.
Overall, Alkhorayef’s visit aims to explore avenues for cooperation between Saudi Arabia and Morocco and strengthen economic ties between the two nations.