Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, has held discussions with officials in the Hong Kong, China’s Special Administrative Region.
The discussions focused on strengthening cooperation in the industrial sector, facilitating knowledge transfer, and enhancing smart manufacturing solutions. Minister Alkhorayef highlighted the Kingdom’s strategic advantages, which position Saudi Arabia as a hub for leading global investment opportunities.
Alkhorayef also emphasized the Kingdom’s positive economic transformations in recent years, and its contributions to the growth of the industrial and mining sectors. Furthermore, Alkhorayef explored joint investment opportunities in automation, which aligns with the Kingdom’s Future Factories initiative, welcoming Hong Kong companies to invest in Saudi Arabia’s industrial sectors.
Alkhorayef met with the Director of the Trade and Industry Department, officials from the Innovation and Technology Commission, and the Secretary for Commerce and Economic Development of Hong Kong, with an aim to bolster ties between the Kingdom of Saudi Arabia and Hong Kong, and also explored ways to enhance the industrial cooperation between the two sides.
The tour to China falls in line with the objectives of Saudi Vision 2030, which aims to diversify the economy and elevate the Kingdom’s position as a global leader in industrial development. Saudi Arabia’s relationship with China spans over 80 years, covering a diverse range of fields such as economic, developmental and cultural.
Saudi Arabia’s trade with China exceeds $100 billion in 2023, cementing China’s position as the Kingdom’s largest trading partner. Hong Kong, a special administrative region of China, also has robust economic ties with Saudi Arabia. Saudi Arabia’s non-oil export to Hongkong reached approximately $265 million in 2023, while imports from Hong Kong were around $1.78 billion.
