RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has commenced an official visit to the UK to promote bilateral collaboration opportunities and forge new channels of communication with British investors.
During his visit, the minister met with the Saudi Ambassador to the UK, Prince Khalid bin Bandar bin Sultan, Saudi Press Agency reported.
The two officials discussed recent developments and reiterated the Kingdom's efforts to achieve the objectives of Vision 2030 and create opportunities for international partnerships in the industrial and mining sectors.
The meeting focused on key collaboration opportunities and Saudi interests. It also discussed the most important ways to achieve the Kingdom's goals of exploiting an estimated $1.3 trillion in mineral wealth and developing mineral industries.
The meeting promoted promising foreign investment opportunities in both sectors.
Given the Kingdom's adoption of mining legislation, which encourages foreign investment by funding exploration and geological surveys, the prospects for international collaboration appear promising.
Prior to his visit to the United Kingdom, the minister visited the United Nations Industrial Development Organization in Vienna on Tuesday.
Discussions on realizing Vision 2030 included not only utilizing UNIDO experts to develop the industrial sector, but also advancing the fight against climate change via the Saudi Green Initiative.
Saudi Arabia's industrial and mining sectors are expected to attract significant foreign direct investment over the next decade.