RIYADH: Saudi Arabia seeks to leverage Morocco’s mining expertise, as both countries hold significant reserves and produce over 40 percent of the world’s phosphate fertilizer, said a top minister.
The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, made this statement during a round table meeting with investors and businessmen in the north African country, adding that both nations have the potential to be key partners in major mining projects, the Saudi Press Agency reported.
The minister underscored that this aligns with Saudi Arabia’s goal to transform the mining sector into the third pillar of the national industry.
Additionally, Alkhorayef highlighted the Kingdom’s National Industrial Strategy, which focuses on sectors such as sustainability, food security, pharmaceuticals, and military industries.
This is mainly linked to Saudi Arabia’s competitive advantages, such as oil and gas, as well as its geographical location, which enables it to access key regions like Africa, the minister explained.
He also highlighted that the Kingdom has a distinctive edge in future industries, including car battery products, renewable energy, and space-related businesses.
Additionally, the minister pointed out the importance of industrial integration between Saudi Arabia, neighboring countries, and Arab nations, stressing that the National Industrial Strategy identified a number of paths that serve the principle of industrial integration and seek to develop it.
Furthermore, he emphasized the incentives and facilities that the Kingdom provides to investors in all the industrial and mining sectors.
Earlier this week, Alkhorayef and several Moroccan officials discussed ways to enhance cooperation in vital fields.
“We also reviewed the promising investment opportunities available in both countries and opened new horizons for sustainable partnership,” the Saudi minister said at the time.
He added that he reviewed Saudi Vision 2030’s achievements with a group of Moroccan opinion leaders and economic analysts, focusing on the industrial and mining sectors.
Alkhorayef began his official visit to the northwestern African country on June 3. The visit aims to explore venues for cooperation between the two countries and boost economic ties.
