Saudi Arabia is seeking to enhance its research and development and innovation collaboration with Asia, particularly looking towards China for advancements in technology and the automotive sector. This initiative is part of Saudi Arabia’s Vision 2030, a strategic plan to diversify its economy, which includes transforming its mining sector. The country’s mineral wealth is valued at approximately $2.5 trillion.
Bandar bin Ibrahim AlKhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, emphasized the potential for Saudi Arabia to address global supply chain challenges by becoming a key player in manufacturing relocation. He highlighted the overlap in ambitions between Saudi Arabia and Asia, particularly in expanding the manufacturing sector and mining capabilities.
AlKhorayef’s recent visit to the Greater Bay Area concluded a weeklong tour of Asia, including Singapore. The purpose was to position Saudi Arabia as an attractive production and logistics hub for major industry players. His previous visit to China involved meetings with government officials and business leaders across several cities to explore regional contributions to Saudi Arabia’s growth.
The minister underscored the importance of innovation and the adoption of new business models such as “Industry 4.0” and “Industry 5.0”, alongside manufacturing. During his visit, he encouraged Chinese companies to invest in Saudi Arabia, aligning with the National Industrial Strategy discussed at a roundtable in Guangzhou.
Saudi Arabia views China as its largest trading partner, with trade exceeding $100 billion in 2023. AlKhorayef expressed the importance of localizing content as part of their strategy and acknowledged Saudi Arabia’s strategic position in the Belt and Road Initiative, facilitating regional connectivity.
Reflecting on his experience, AlKhorayef noted the warm reception from both the private and government sectors in China and Singapore, highlighting the potential for significant collaborative opportunities.
