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The Minister of Industry and Mineral Resources of Saudi Arabia engages in discussions regarding Vision 2030 during an event hosted by Arab News Japan.

Bandar AlKhorayef, the Minister of Industry and Mineral Resources for Saudi Arabia, engaged in a Fireside chat event hosted by Arab News Japan on December 18 in Tokyo.

Addressing Faisal J. Abbas, Editor-in-Chief of Arab News, at the Foreign Correspondents’ Club of Japan (FCCJ), AlKhorayef commenced his discussion by underscoring the notable transformation Saudi Arabia has undergone in recent years. He provided an overview of the objectives outlined in Vision 2030, highlighting that this was a key focus of his visit to Tokyo.

He emphasized the primary goals of his visit, which included elucidating Saudi Arabia’s initiatives and fostering interest among Japanese partners to participate in these developments. AlKhorayef pointed out the increasing demand for minerals globally and Saudi Arabia’s proactive measures to address this, such as the establishment of The Future Minerals Forum, an annual event held within the Kingdom.

While acknowledging that Saudi Arabia’s mineral resources are still relatively untapped, AlKhorayef revealed that recent estimates valued these resources at $1.3 trillion, encompassing phosphates, zinc, aluminum, and fertilizers. Regarding manufacturing, he highlighted Saudi Arabia’s extensive history as a manufacturer of chemicals and its efforts to elevate manufacturing capabilities to produce higher value-added products.

The minister elaborated on the 12 key sectors targeted for development and conveyed a message to Japanese car manufacturers concerning the increasing market share of Electric Vehicles (EVs) and Chinese brands in the Saudi market, urging them to safeguard their market share.

When queried about security threats in the Middle East and their potential impact on Saudi Arabia’s industrial development and investor attraction efforts, Minister AlKhorayef emphasized the region’s diverse nature and highlighted Saudi Arabia’s enduring stability, rooted in strong relations between the people and their leaders. He also emphasized Saudi Arabia’s commitment to reinvesting oil revenues into societal development, driven by a vision for a robust nation and empowered citizens.

The Fireside chat concluded with a Q&A session involving leading Japanese media outlets such as The Nikkei Shimbun, NHK, Jiji Press, Kyodo News, and Mainichi Shimbun.

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