Friday, June 25

Minister of Industry & Mineral Resources, British Counterpart Discuss Bilateral Industrial Cooperation Opportunities

Riyadh, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met here today with British Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, and the accompanying delegation, currently on a visit to the Kingdom of Saudi Arabia.

During the meeting, which was attended by the ministry of industry's senior staff, the latest developments related to the mutual projects and agreements, in several domains were discussed, and investment opportunities and ways of consolidating economic relations between the two countries, especially in the industrial fields, were reviewed.

The two sides also discussed in detail the new mineral investment act and had a follow-up of the general program projects for the geological survey of the Arab Shield of Saudi Arabia in which a number of international pioneering agencies and conglomerates are taking part, including British companies. They also discussed export opportunities between the two countries to achieve the required economic transformation according to the Kingdom vision 2030.

The meeting also addressed the industrial drive witnessed by Saudi Arabia as well as the market's investment competitiveness in various domains and reviewed the initiatives, incentives and legislations recently launched by Riyadh, which contributed to ameliorating the investment environment.

The two parties tackled ways of activating a number of memoranda of understanding between the two countries in the field of industry.

British market managed to receive a number of non-oil exports, including petrochemicals, polimerates, building materials, food products, incapsulation materials, precious metals, jewelery and medicines.

Source: Saudi Press Agency