Minister meets Brazilian VP to boost industrial and mining cooperation

"His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorif, discussed during his meeting today with the Vice President of the Federative Republic of Brazil and Minister of Development, Industry, Trade, and Services, Dr. Geraldo Junior, ways to enhance bilateral economic and industrial relations between the two countries, as well as attractive investment opportunities for Brazilian companies in the industrial and mining sectors in the Kingdom.

The meeting was attended by His Excellency the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, the CEO of the Saudi Export-Import Bank, Saad Al-Khalb, and the Ambassador of the Custodian of the Two Holy Mosques to the Federative Republic of Brazil, Dr. Faisal bin Ibrahim Ghulam. The discussion reviewed promising sectors targeted by the National Industrial Strategy, key opportunities in the mining sector, and the enablers and incentives provided by the Kingdom to facilitate investors’ operations in the industrial and mining investment environment.

Both parties praised the positive development in economic and trade relations between the two countries, which has resulted in several joint strategic projects in the industrial and mining sectors. During the meeting, Al-Khorif congratulated Brazil on its presidency of the G20 in 2024.

Non-oil exports from the Kingdom to Brazil grew significantly at an annual rate of 5.65% between 2018 and 2023. In 2023, the value of the Kingdom’s exports to Brazil exceeded SAR 3 billion, while imports from Brazil reached more than SAR 13 billion.

The meeting comes as part of His Excellency the Minister’s leadership of the Ministry of Industry and Mineral Resources delegation on an official visit to Brazil and Chile from July 22 to 30, aiming to strengthen bilateral ties and attract investments to the Kingdom’s industrial and mining sectors.