Riyadh – Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed that Saudi Vision 2030 opens promising horizons for expanding the strategic partnership between Saudi Arabia and India in the industrial and mining sectors. This comes amid strong bilateral relations and full support from the leadership of both countries, paving the way for a bright future filled with promising joint opportunities.
During a roundtable meeting held in Mumbai, in cooperation with the Confederation of Indian Industry (CII), and with the participation of major Indian industrial and mining companies, Alkhorayef emphasized the significant efforts of the Saudi-Indian Business Council to enhance bilateral economic relations and foster successful investment partnerships.
“When I review our ambitions in the mining and industrial sectors and see the capabilities present here in India, I see a great synergy that makes cooperation between us very feasible,” Alkhorayef said. “For example, in the automotive sector, we focus on localizing this industry, as the Kingdom is the largest importer, with our imports reaching nearly 700,000 cars last year, and we expect this number to exceed 1 million cars soon.”
He noted that the Kingdom has licensed three car manufacturing companies, aiming to produce 300,000 vehicles annually by 2030. This requires a robust supply chain and the development of a competitive automotive industry.
In the field of pharmaceuticals and biotechnology, Alkhorayef stressed the Kingdom's desire to enhance cooperation with Indian companies to benefit from the opportunities available in this vital sector.
Alkhorayef emphasized the Kingdom's aim to encourage companies to produce high-value petrochemicals, creating significant opportunities for Saudi-Indian cooperation in this sector.
“Previously, we focused on energy security,” he said, “but now mineral security is paramount. Early collaboration will allow us to understand India's mineral needs.”
Alkhorayef reviewed the various capabilities and incentives offered by the Kingdom of Saudi Arabia to investors, including developed industrial lands, ready-made factories, and easy financing loans that reach up to 75% of the cost of an industrial project.
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