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Saudi trade minister encourages French firms to spend money on Kingdom’s mining sectors
RIYADH: In a bid to draw French firms to spend money on Saudi Arabia’s mining sector, the Kingdom’s Minister of Business and Mineral Sources held a gathering with main enterprise figures on the headquarters of the Chamber of Commerce in Paris on Tuesday.
An array of promising funding alternatives had been mentioned as Bandar Alkhorayef met a number of officers from French corporations and expressed the Kingdom’s keenness to facilitate funding, in line with the Saudi Press Company.
Alkhorayef’s go to is a part of Saudi Arabia’s efforts to bolster the position of the mining and industrial sectors within the nationwide financial system and enhance their contribution by attracting international funding.
The minister is in Paris to attend Imaginative and prescient Golfe, a landmark enterprise occasion showcasing alternatives for business partnerships between France and the Gulf states that started on June 13.
It’s a new platform selling enterprise cooperation in high-growth potential markets in each non-public and public sectors resembling commerce, sports activities and power.
Key financial gamers, authorities ministers, and small enterprise managers can have the chance to satisfy and trade views within the two-day occasion, in addition to representatives from start-ups and senior executives.
Wealthy in pure assets, Saudi Arabia has undertaken a number of coverage initiatives in recent times to make its mining sector enticing to non-public buyers.
The Kingdom’s strategic location and strong infrastructure additionally supply alternatives for corporations to strengthen their world provide chain.
In March, Saudi Arabia’s trade ministry issued 27 new mining licenses, totaling 2,314.
The Kingdom has been striving to rework the mining sector into the third pillar of the nationwide technique.
This effort includes considerably exploring its pure assets throughout 5,300 websites valued at SR5 trillion ($1.33 trillion).
It boasts over 20 distinct mineral varieties, together with gravel, gold, iron, copper, granite and marble.
The Kingdom additionally options 35 particular geological formations, generally known as mineral belts, with plentiful deposits.
Along with attracting qualitative funding alternatives within the industrial and mining sectors, Alkhorayef’s go to to France falls inside the framework of selling cooperation between the 2 nations.
It additionally displays the Kingdom’s makes an attempt to extend the entry of Saudi non-oil exports to the French and European markets.
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