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Saudi business minister encourages French corporations to spend money on Kingdom’s mining sectors
RIYADH: In a bid to draw French corporations to spend money on Saudi Arabia’s mining sector, the Kingdom’s Minister of Trade and Mineral Assets 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 have been mentioned as Bandar Alkhorayef met a number of officers from French corporations and expressed the Kingdom’s keenness to facilitate funding, in response to the Saudi Press Company.
Alkhorayef’s go to is a part of Saudi Arabia’s efforts to bolster the function of the mining and industrial sectors within the nationwide economic system and improve their contribution by attracting overseas 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 equivalent to commerce, sports activities and power.
Key financial gamers, authorities ministers, and small enterprise managers could have the chance to satisfy and change views within the two-day occasion, in addition to representatives from start-ups and senior executives.
Wealthy in pure sources, Saudi Arabia has undertaken a number of coverage initiatives lately 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 business 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 sources 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, often known as mineral belts, with considerable deposits.
Along with attracting qualitative funding alternatives within the industrial and mining sectors, Alkhorayef’s go to to France falls throughout the framework of selling cooperation between the 2 international locations.
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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