Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef chaired a high-level roundtable meeting in North Carolina in partnership with the US Chamber of Commerce. The meeting aimed to enhance the strategic partnership between Saudi Arabia and the United States in the industry and mining sectors. It was attended by National Industrial Development Center Chief Executive Eng. Saleh Al-Solami, as well as representatives from the US private sector and officials from both sides. The Ministry of Industry and Mineral Resources said in a statement that the meeting reinforced Saudi Arabia's position as the United States' largest economic partner in the Middle East, with bilateral trade reaching $25.7 billion in 2024. It also emphasized the role of bilateral frameworks, including the Saudi-American Trade and Investment Framework Agreement (TIFA), in providing a robust platform for expanding cooperation in advanced industries and critical supply chains. The participants at the meeting reviewed the promising opportunities presented by the Kingdom's key strategies for the industrial and mining sectors that are considered fundamental pillars of the country's economic transformation. It also highlighted the enablers and incentives provided to facilitate the investors' journey, including the Standard Incentives program that offers up to 35 percent capital investment costs, with a maximum of SR50 million per project. The meeting discussed the Kingdom's efforts to enable industrial transformation through several initiatives, including the Future Factories Program, which aims to automate 4,000 industrial facilities. The discussion highlighted the rapid growth in several promising industrial sectors in the Kingdom, such as the pharmaceutical and medical devices sector, which is expected to reach $7.5 billion by 2030. The chemical conversion industries sector was also noted, as it represents 8 percent of global production, with its output exceeding 100 million tons annually. The round table session highlighted the Kingdom's competitive strengths, including a mineral wealth valued at $2.5 trillion, encompassing copper, nickel, rare earth elements, and gold, complemented by regulatory reforms, 100 percent foreign ownership, attractive financial incentives, and world-class infrastructure. These advantages collectively position Saudi Arabia as a leading global destination for industrial investment. At the conclusion of the meeting, Alkhorayef invited American officials and US private-sector representatives to attend the fifth Future Minerals Forum (FMF) in January 2026. The conference brings together global mining leaders, major investors, and pioneers in mining technologies to explore the future of the sector and formulate solutions that enhance its growth and sustainability.
