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Saudi Gazette Report
RIYADH —Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef discussed with British Minister of State for Business and Trade Jonathan Reynolds enhancing cooperation in the field of critical minerals and opportunities for its future expansion. This is in the context of the increasing importance of critical minerals in the world, for the energy transition and many advanced industries, such as: aviation, electric cars and medical industries.
They also reviewed opportunities to enhance industrial and mining cooperation between the two countries and promising investment opportunities for British companies in the two sectors.
The discussion also included enhancing economic partnership between Saudi Arabia and the United Kingdom in the industrial and mining sectors and encouraging British investors to exploit promising qualitative opportunities and benefit from the capabilities and incentives that Saudi Arabia offers to investors, in a stimulating investment environment, including the availability of rich natural resources and advanced infrastructure in addition to diverse energy sources.
Saudi Arabia and UK also noted record levels of trade between them, which exceeded $21.7 billion, and agreed to increase bilateral trade to $37.5 billion by 2030.
The value of Saudi investments in the United Kingdom has reached $21 billion since 2017, while foreign direct investment in Saudi Arabia reached $13 billion in 2023.
During the meeting, both sides stressed the importance of providing safe and diversified supplies of critical minerals, while Britain stressed its support for the international mining conference organized by Saudi Arabia through the participation of leading British institutions.
