Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, is visiting Switzerland to explore investment opportunities in the industrial and mining sectors. The minister aims to strengthen the Kingdom’s relationship with Switzerland, diversify its economic base, and open its doors to investors from all over the world.
According to the Saudi Press Agency, Alkhorayef is scheduled to participate in the World Economic Forum, meet with government officials, and visit several Swiss companies during his stay. He also plans to open new channels of communication for investors from both countries.
In 2021, Saudi Arabia’s non-oil exports to Switzerland were worth over SR3.42 billion ($911.82 million), while imports from Switzerland were recorded at SR7.99 billion. The Kingdom’s key exports to Switzerland included precious metals, jewelry, building materials, and re-exports of cars. Meanwhile, its imports from Switzerland comprised medicines, heavy machinery, electronics, and food products.
In January, the 13th meeting of the Saudi-Swiss Joint Economic Committee and the Saudi-Swiss Executive Investment Forum was held in Zurich. The forum examined bilateral economic ties and discussed issues related to the technology, tourism, energy, and health sectors. Participants emphasized the significance of broadening the scope of cooperation between Saudi Arabia and Switzerland by capitalizing on opportunities in areas of mutual interest.
During the forum, an agreement was signed to launch a global company to operate and manage hotels in the Kingdom, as well as a deal to establish a joint venture in precious metals, and four memorandums of understanding in tourism, hospitality, and health.
The ministerial visit is expected to further strengthen economic ties between Saudi Arabia and Switzerland and promote investment in the industrial and mining sectors. The Kingdom is seeking to diversify its economy and reduce its reliance on oil exports, and the potential ties with Switzerland can help achieve this goal.
In recent years, Saudi Arabia has been pursuing economic reforms, including the Vision 2030 plan, which aims to diversify the country’s economy, create jobs, and reduce its dependence on oil. The plan includes a number of initiatives to promote investment in various sectors, such as mining, tourism, and technology.
Switzerland, on the other hand, is known for its expertise in the manufacturing industry and is home to many high-tech companies. The country has a highly skilled workforce, advanced infrastructure, and a stable political and economic environment, making it an attractive destination for foreign investment.
Therefore, the potential ties between Saudi Arabia and Switzerland can bring mutual benefits and contribute to the growth and development of both countries’ economies. The visit of the Saudi Minister of Industry and Mineral Resources is a step towards realizing this goal and strengthening the economic ties between the two countries.
Switzerland is renowned for its precision engineering, scientific research, and technological innovations. By building closer ties with Switzerland, Saudi Arabia aims to gain access to the latest technologies and innovations in these fields, which could help the Kingdom enhance its own industrial and manufacturing capabilities.
The Swiss government has long encouraged collaboration with Saudi Arabia in areas such as healthcare, education, and renewable energy. Both countries have a shared interest in promoting sustainable development, reducing carbon emissions, and diversifying their economies.
In recent years, Saudi Arabia has made significant strides in modernizing its economy, reducing its dependence on oil exports, and attracting foreign investment. The Kingdom’s Vision 2030 program aims to transform Saudi Arabia into a global hub for trade, finance, and innovation, and strengthen its position as a key player in the global economy.
Overall, the visit of the Saudi Minister of Industry and Mineral Resources to Switzerland marks an important milestone in the Kingdom’s efforts to diversify its economy, reduce its reliance on oil exports, and build stronger ties with key global partners. By leveraging its relationships with countries like Switzerland, Saudi Arabia is well-positioned to achieve its ambitious economic goals and establish itself as a leading player in the global economy.
