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FinancialNews
07-05-23
Saudi Minister Discusses Mineral Exports, Mining Developments with Swiss Officials
(MENAFN) The Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, recently met with two leading Swiss officials in Bern to discuss enhancing cooperation in the industrial and mining sectors and boosting non-oil exports between the two countries. Alkhorayef held talks with Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, and Chairwoman of the Board at Swiss Export Risk Insurance, Barbara Hayoz. The officials also discussed exploiting investment opportunities provided by the Kingdom's National Strategy for Industry and enhancing cooperation between the Saudi Export and Import Bank and SERV.
According to the Saudi Press Agency, the officials also discussed solutions required to enhance access to non-oil exports between the Kingdom and Switzerland, with minerals representing a large percentage of these exports. The promising pharmaceutical sector was also highlighted as having strong export potential between the two countries. The minister's visit to Switzerland comes as the two countries seek stronger economic ties.
In January, the 13th meeting of the Saudi-Swiss Joint Economic Committee and the Saudi-Swiss Executive Investment Forum was held in Zurich. The meeting examined bilateral economic ties and discussed issues related to 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.
In 2021, the volume of the Kingdom's non-oil exports to Switzerland amounted to more than SR3.42 billion (USD911.82 million), while the volume of imports was recorded at SR7.99 billion. Saudi Arabia's key exports to Switzerland included precious metals, jewelry, building materials, and re-exports of cars. On the other hand, imports to the Kingdom from Switzerland included medicines, heavy machinery, electronics, and food products. The discussions between the Saudi minister and Swiss officials are expected to further strengthen the economic ties between the two countries, particularly in the industrial and mining sectors.
MENAFN07052023000045014228ID1106191804
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