SAO PAULO — Minister of Industry and Mineral Resources Bandar Al-Khorayef has confirmed that Saudi Arabia has proven its strength in the mining industry and has become an important and capable player in the sector globally. He made the remarks during his participation in the round table meeting organized by the Federation of Industries in the Brazilian city of São Paulo. He said mineral production is a global issue that requires international leadership and cooperation because of its importance in driving the energy transition process around the world. He explained that the International Mining Conference has become the most important platform for discussing qualitative opportunities in the mining sector, while calling Brazilian companies to participate in the 4th edition of the conference, which will be held in Riyadh next January, to learn about the future of the Saudi mining sector and the specific opportunities available to investors. Al-Khorayef pointed out that the Saudi national strategy for industry focuses on diversifying 12 major sectors and providing investment opportunities for more than 800 projects worth one trillion riyals. He also said Saudi Arabia aims to localize the pharmaceutical industry, through financial incentives to strengthen the health sector, as it is an advanced pillar of economic diversification. He added that one of the important goals in this sector is the localization of 80-90% of insulin production. The minister spoke about the automotive sector, indicating that the sector is one of the most promising industries in Saudi Arabia, and is an emerging sector that needs all supply chains, where Brazilian companies will find qualitative investment opportunities. Th minister's participation in the FIESP round table comes within the framework of his ongoing official visit to South American countries from 22 to 30, which will also take him to Chile.
