Saudi Gazette report
RIYADH — Saudi Minister of Business and Mineral Sources Bandar Alkhorayef chaired a high-level roundtable assembly in North Carolina in partnership with the US Chamber of Commerce.
The assembly aimed to boost the strategic partnership between Saudi Arabia and america within the trade and mining sectors. It was attended by Nationwide Industrial Improvement Middle Chief Government Eng. Saleh Al-Solami, in addition to representatives from the US personal sector and officers from each side.
The Ministry of Business and Mineral Sources mentioned in an announcement that the assembly bolstered Saudi Arabia’s place as america’ largest financial associate within the Center East, with bilateral commerce reaching $25.7 billion in 2024. It additionally emphasised the function of bilateral frameworks, together with the Saudi-American Commerce and Funding Framework Settlement (TIFA), in offering a strong platform for increasing cooperation in superior industries and important provide chains.
The members on the assembly reviewed the promising alternatives offered by the Kingdom’s key methods for the commercial and mining sectors which might be thought-about elementary pillars of the nation’s financial transformation. It additionally highlighted the enablers and incentives offered to facilitate the traders’ journey, together with the Customary Incentives program that gives as much as 35 p.c capital funding prices, with a most of SR50 million per mission.
The assembly mentioned the Kingdom’s efforts to allow industrial transformation via a number of initiatives, together with the Future Factories Program, which goals to automate 4,000 industrial amenities. The dialogue highlighted the fast progress in a number of promising industrial sectors within the Kingdom, such because the pharmaceutical and medical units sector, which is anticipated to achieve $7.5 billion by 2030. The chemical conversion industries sector was additionally famous, because it represents 8 p.c of worldwide manufacturing, with its output exceeding 100 million tons yearly.
The spherical desk session highlighted the Kingdom’s aggressive strengths, together with a mineral wealth valued at $2.5 trillion, encompassing copper, nickel, uncommon earth components, and gold, complemented by regulatory reforms, 100% international possession, engaging monetary incentives, and world-class infrastructure. These benefits collectively place Saudi Arabia as a number one international vacation spot for industrial funding.
On the conclusion of the assembly, Alkhorayef invited American officers and US private-sector representatives to attend the fifth Future Minerals Discussion board (FMF) in January 2026. The convention brings collectively international mining leaders, main traders, and pioneers in mining applied sciences to discover the way forward for the sector and formulate options that improve its progress and sustainability.