Saudi Arabia and Spain are looking to boost $3.2bn trade ties as the countries meet to discuss investment opportunities.
Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef began an official visit to Spain on Thursday, aimed at enhancing industrial and mining cooperation and exploring shared opportunities in advanced industrial sectors, including aerospace and aviation, which are a focus of the National Industrial Strategy.
Minister Alkhorayef is accompanied by the CEO of the National Industrial Development Centre (NIDC) Eng. Saleh Al Solami.
Saudi-Spain investments
The visit seeks to explore opportunities for developing human capabilities in the industrial and mining sectors, advancing sustainable mining solutions, and attracting Spanish mining companies to invest in the unique opportunities offered by Saudi Arabia’s mining sector.
During the visit, the minister will hold important discussions with several Spanish ministers and private sector leaders.
According to the trade balance between the Kingdom and Spain, Saudi non-oil exports to Spain amounted to SR2.72bn ($724m) in 2023, including products from the chemical industry, plastics and articles thereof, and base metals and articles thereof.
Meanwhile, total non-oil imports from Spain during the same year reached SR9.13bn ($2.4bn), including machinery, electrical equipment, pharmaceutical products, and essential oils.
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