Saudi Arabia is embarking on a pivotal economic mission as Minister of Industry and Mineral Resources Bandar Alkhorayef and Vice-Minister for Mining Affairs Khalid Al-Mudaifer prepare to visit Brazil and Chile. The purpose of this high-profile visit is to strengthen bilateral relations, attract investments to Saudi Arabia, and explore mutually beneficial opportunities in the mineral and industrial sectors. The delegation will tour major cities in Brazil, including São Paulo, Brasília, and Rio de Janeiro, as well as Santiago in Chile from July 22-30. This trip aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and establish the Kingdom as an industrial and economic leader.
During the visit, the delegation will hold high-level meetings with senior officials from various ministries in both countries and engage with leading global companies in mining, food processing, aviation, and other strategic sectors. In Brazil, key meetings are scheduled with the Brazilian Mining Association (IBRAM), Vale, Minerva Foods, JBS, and BRF SA. In Chile, Alkhorayef will meet with the Minister of Mining and leaders from The Federation of Chilean Industry (SOFOFA), as well as mining giants Codelco and Antofagasta.
Brazil and Chile are known for their extensive mineral resources, making them attractive partners for Saudi Arabia. Brazil has been a key partner in energy products, minerals, agricultural products, and fertilizers, with several active investments from Saudi Arabia, including a stake in Vale Base Metals and BRF SA. Chile, as the second-largest producer of lithium, presents opportunities for collaboration in electric vehicle production and renewable energy. This visit will facilitate knowledge exchange and technical cooperation in these areas, with potential partnerships in the Maricunga lithium project.
Saudi Arabia’s geological wealth is a significant draw for investors, with a wealth of accessible geological data supporting informed investment decisions. The Kingdom’s updated Mining Investment Law of 2019 has bolstered its global standing as a leading mining jurisdiction, offering competitive incentives such as co-funding for CAPEX, royalty fee exemption, corporate tax rate discounts, and 100% foreign direct business ownership. The recent launch of the Exploration Enablement Program aims to de-risk investments, accelerate exploration, and expand local talent in the mineral and mining sector.
With its young population, strategic location, robust infrastructure, and attractive investment incentives, Saudi Arabia is positioning itself as a prime investment destination. The visit to Brazil and Chile is expected to result in significant agreements that will enhance bilateral relations, promote mutual growth, and support sustainable development and economic diversification in the mining and industrial sectors. This mission is a crucial step towards achieving Saudi Arabia’s Vision 2030 goals and solidifying its position as a global economic leader in the mineral and industrial sectors.
