Vision 2030 offers clear investment opportunities: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources Bandar Alkhorayef said Saudi Arabia’s Vision 2030 aims to diversify the economy, providing transparent and clear investment opportunities for investors.

This ambitious strategy boosted the development of multiple sectors, with industry and mining being key pillars of the Kingdom's economic diversification, Alkhorayef said in a statement of the ministry.

He highlighted that Vision 2030 opens promising horizons for expanding the strategic partnership between Saudi Arabia and India in the industrial and mining sectors. This partnership is supported by the strong relations between the two countries and full backing from their leaderships, paving the way for a future filled with joint opportunities.

The minister noted that the Saudi Indian Business Council plays a major role in enhancing bilateral economic relations, fostering successful investment partnerships, and creating more trade and cooperation opportunities.

Alkhorayef emphasized the alignment between Saudi Arabia’s ambitions and India's capabilities in various sectors, particularly the automotive industry.

The Kingdom is currently the region's largest car importer as it imported 700,000 vehicles last year, with this number expected to surpass one million soon.

Three carmakers were licensed for local production in the Kingdom, targeting an output of 300,000 vehicles annually by 2030, driven by high market demand and the need for suppliers and industry development, the minister noted.