Saudi Minister Bolsters U.S. Industrial Relations in Chicago to Enhance Investment and Mining Expansion
CHICAGO — Saudi Arabia’s Industry and Mineral Resources Minister Bandar Al-Khorayef met with senior U.S. private sector executives in Chicago to support cooperation in industrial and mining sectors for realizing significant bilateral investment opportunities.
The strategic roundtable, which was at World Business Chicago, focused on promoting innovation-driven investments as well as solidifying long-term economic partnerships between the two nations. Al-Khorayef emphasized the strong economic relationship between Saudi Arabia and the United States, citing that trade between both countries has surpassed SR123 billion ($32.8 billion).
Referring to achievements from earlier high-level interactions — such as the visit of previous U.S. President Donald Trump and historic accords in areas of defense, energy, and artificial intelligence — the minister indicated the increasing prominence of Saudi Arabia’s Vision 2030 in transforming its economic landscape.
He elaborated the National Industrial Strategy, which aims to develop 12 strategic sectors, such as aerospace, downstream chemicals, automotive, and mining, hoping to contribute SR244 billion to the Kingdom’s GDP by the year 2030. The strategy provides 800 investment opportunities worth SR1 trillion ($266.6 billion).
On the mining side, Al-Khorayef put it out as Saudi Arabia’s “third pillar” of industrial development, with the goal of unlocking SR9.4 trillion ($2.5 trillion) of untapped mineral riches, ranging from gold and copper to rare earth elements. The industry is expected to contribute a GDP of SR240 billion ($64 billion).
He also pointed to recent regulatory changes that have enhanced Saudi Arabia’s investment environment, streamlining the processing of mining licenses down to 90 days and presenting appealing incentives to local and international investors.
Over 30 U.S. investors and business executives across industries like specialty chemicals, aviation, mining, and autos attended the meeting, reflecting the intensifying U.S.–Saudi industrial engagement.
verified from sources : saudigazzete,onearabia
