When the high-level meetings concluded, the evolving trade relationship between Saudi Arabia and Brazil was celebrated as a significant achievement.
In Sao Paulo, Brazil, Saudi Arabia’s proactive efforts to bolster economic ties were evident as Bandar Alkhorayef, the Saudi Minister of Industry and Mineral Resources, engaged in fruitful discussions with Brazil’s Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin.
Thriving Economic Exchange
These discussions centered on unlocking opportunities in the mining sector and the attractive incentives Saudi Arabia offers to facilitate industrial investment. Both nations acknowledged the impressive strides in their economic and trade relations, which have paved the way for impactful joint ventures in the industrial and mining sectors.
Saudi Arabia’s non-oil exports to Brazil have experienced a commendable annual growth rate of 5.65 percent from 2018 to 2023. In 2023 alone, the Kingdom’s imports from Brazil reached a remarkable SR13 billion ($3.47 billion), while exports to Brazil surpassed SR3 billion.
Alkhorayef’s visit is part of a broader official tour, including stops in Brazil and Chile, from July 22 to 30. During this journey, he took part in a roundtable hosted by the Federation of Industries in Sao Paulo. Here, he extended an invitation to Brazilian enterprises to invest in Saudi Arabia’s rapidly expanding mining sector, emphasizing its immense growth potential.
Vision 2030: A Blueprint for Growth
Aligned with Saudi Arabia’s Vision 2030, which seeks to revolutionize its mining sector through transparent licensing, national industry promotion, and local content and job development, Alkhorayef highlighted the global significance of mineral production that necessitates international collaboration.
“The Kingdom recognized that global mineral production challenges required collective leadership. Our strategy for real progress was rooted in collaboration, and while we maintained our ambitious goals, we focused on forging strong partnerships worldwide,” stated Alkhorayef.
He emphasized Saudi Arabia’s readiness for transformative growth, leveraging abundant resources, a skilled workforce, and enticing investment prospects.
“Mineral production transcended economic value; it embodied the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom was poised for transformative growth,” he added.
Pharmaceutical Innovations and Collaborations
Parallel to these efforts, Saudi Arabia is exploring avenues to localize vaccine and pharmaceutical production, drawing on Brazil’s expertise. Discussions with Brazilian investors revealed promising collaboration potential within Saudi Arabia’s National Industrial Strategy, especially in pharmaceuticals, health security, and creating specialized industrial capacities to independently meet medical needs.
During his visit, Alkhorayef toured the Butantan Institute, a prominent biotechnology research center, to discuss potential cooperation in vaccine and pharmaceutical production. Meetings with Brazilian investors highlighted Brazil’s eagerness to collaborate across diverse industrial sectors, notably pharmaceuticals and vaccines, aiming to strengthen supply chains, exchange technology, and foster innovation for sustainable growth.
Reaffirming Saudi Arabia’s commitment to attracting global interest in healthcare, Alkhorayef announced in June 2022 investment opportunities exceeding SR11 billion to localize 80 to 90 percent of insulin production. This initiative underscores Saudi Arabia’s ambition to become a regional pharmaceutical manufacturing hub.
The discussions also explored ways to enhance non-oil exports and foster joint investment opportunities, reflecting a deepening economic and trade bond between Saudi Arabia and Brazil.
