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01-05-23

Saudi Minister Explores Collaborations with Switzerland for Industrial, Mining Sectors

(MENAFN) The industrial and mining sectors in Saudi Arabia are poised to benefit from potential collaborations with Switzerland, as the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, embarks on a ministerial visit to the European country. The visit aims to explore investment opportunities in Alkhorayef’s sectors of responsibility. According to reports, the minister also plans to establish new channels of communication for investors from both countries. During his stay, Alkhorayef is scheduled to participate in the World Economic Forum, meet government officials, and visit several Swiss companies.

The visit is expected to facilitate the diversification of Saudi Arabia's economic base as it opens its doors to investors from all over the world. In 2021, the Kingdom's non-oil exports to Switzerland amounted to more than SR3.42 billion ($911.82 million), while imports were recorded at SR7.99 billion. This visit is, therefore, seen as a strategic move towards establishing beneficial partnerships between the two countries. It will also help to strengthen Saudi Arabia's position in the global market, particularly in the industrial and mining sectors.

The potential for collaboration between Saudi Arabia and Switzerland in the industrial and mining sectors is significant, and both countries have much to gain from it. The visit by the Saudi Minister of Industry and Mineral Resources is a clear indication of the Kingdom's commitment to diversifying its economy and expanding its global reach. The visit is also expected to foster stronger economic ties between the two countries, which will ultimately benefit both nations. As such, it is a step in the right direction towards achieving mutual economic growth and development.
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