RIYADH: Saudi Arabia’s automotive industry could receive a huge boost after a visit to East Asia by the Industry and Mineral Resources Minister, Bandar Alkhorayef. From September 1 to 8, Alkhorayef will tour China and Singapore to establish cooperation and investment partnership, seek collaboration in industrial sectors.
The automotive market in Saudi Arabia is significant, representing total sales of 40% in the Middle East and North Africa. It is in line with Saudi Vision 2030, to shift from an oil-dependent economy to a global hub of industrial development and supplier of sustainable vechile solutions.
China’s and Saudi Arabia have a strategic partnership that has been grown in over 80 years. China is Saudi Arabia’s top trading partner, with the trade value exceeding $ 100 billion in 2023. Chinese investment in Saudi Arabia last year was $ 5.6 billion in automotive manufacturing and large sums in minerals and semiconductors.
The visit includes meeting with some of the largest global companies and discussing business opportunities in the areas of automation and technology. Prominent discussions will be held with Huawei in Guangzhou about smart solutions and Fourth Industrial Revolution technologies. The delegation will also meet with GAC Group, General Lithium and other major commercial and industrial companies in Hong Kong such as Hutchison Ports and Cyberport.
In Singapore, business meetings will be held with high ranking officials and visit institutions like A*STAR, the Singapore Manufacturing Federation and Tuas Port, world’s largest automated port. Saudi non-oil exports to Singapore for the last year 2023 were valued at SR 9.3 billion while the imports amounted to SR 5.9 billion. The visit is expected to strengthen the Saudi Arabia’s automotive industry and support its national industry strategy.
