Minister of Industry and Mineral Resources Bandar Al Khoraiyeh has begun an official visit to the Kingdom of Belgium, which will end on February 12th. The objective is to strengthen bilateral economic relations, develop joint cooperation in the industrial sector, and explore joint investment opportunities between the two countries in a number of important areas, with the pharmaceutical and medical industries being the most important.
During his visit, Minister Al-Kholayef will hold a number of high-level meetings with Belgian government officials, including Deputy Prime Minister and Minister of Labour, Economy and Agriculture David Clarenvall and Minister of Middle Class, Self-Employment and Small and Medium Enterprises Eleonore Simonet, in addition to meetings with numerous representatives of the European Commission and leaders of global industrial companies.
The visit of the Minister of Industry and Mineral Resources to the Kingdom of Belgium confirms the Kingdom’s commitment to strengthening international partnerships, attracting quality investments and transferring knowledge and cutting-edge technologies in advanced industries, in line with the goals of the Kingdom’s Vision 2030, which aims to transform the Kingdom into one of the world’s leading industrial powers.
established historical relationship
The visit comes as an extension of the historic relationship between the two countries, established over more than 70 years, and built on mutual respect and cooperation. A number of mutual visits between the two countries’ leaders have resulted in the signing of an agreement to avoid double taxation in 1997 and an agreement to encourage and protect investment in April 2021. The Saudi Federation of Chambers of Commerce and Industry also signed a memorandum of understanding with the Arab-Belgium-Luxembourg Chamber of Commerce and Industry to establish the Saudi-Belgium-Luxembourg Business Council in 2022. It aims to strengthen trade and investment exchanges between the two countries.
non-oil trade
Non-oil internal trade between Saudi Arabia and Belgium reached SR16 billion in 2024, with chemicals, plastics, rubber, fuel and mineral oil topping Saudi exports, while the most notable imports from Belgium included pharmaceuticals and chemicals, optical equipment and food.
For more than 20 years, the Saudi Basic Industries Corporation (SABIC) has played a vital role in strengthening the investment relationship between the two countries through investments in facilities that support the production of advanced plastics and chemicals in Belgium, with investments totaling over SAR 536 million. Meanwhile, Belgian companies have strengthened their presence in the Kingdom with investments estimated at around $315 million in the aluminum sector.
The progress Belgium has made in the pharmaceutical, chemical and medical industries intersects with the objectives of the Kingdom’s National Industrial Strategy, which focuses on localizing production in these key industries, strengthening supply chains and expanding the industrial export base.
Saudi Arabia is an ideal destination
The Kingdom’s Vision 2030 and the National Industrial Strategy, with their programs and capabilities, have contributed to improving the industrial investment environment and increasing its attractiveness and competitive advantage, making the Kingdom an ideal destination for international investors, especially due to the qualitative opportunities offered by the Kingdom, as well as unique strategic factors such as geographical location, advanced industrial and logistics infrastructure of 42 industrial cities, integrated systems for advanced manufacturing, qualified young human resources, abundant natural resources and competitive energy prices. We support the creation of effective investment partnerships between Saudi Arabia and Belgium in a number of priority industry sectors.
Minister of Industry and Mineral Resources Bandar Al Khoraev has begun an official visit to the Kingdom of Belgium, which will last until February 12th. It aims to strengthen bilateral economic relations, develop joint cooperation in the industrial sector, and explore common investment opportunities between the two countries in several important areas, most notably the pharmaceutical and medical industries.
During his visit, Minister Al-Kholayef will hold a number of high-level meetings with Belgian government officials, including David Clarimbar, Deputy Prime Minister and Minister of Labour, Economy and Agriculture, and Eleonore Simonet, Minister of the Middle Class, Self-Employment and Small and Medium Enterprises, in addition to meetings with several representatives of the European Commission and leaders of global industrial companies.
The visit of the Minister of Industry and Mineral Resources to the Kingdom of Belgium reaffirms the Kingdom’s commitment to strengthening international partnerships, attracting quality investments and transferring advanced industrial knowledge and cutting-edge technology, in line with the goals of the Kingdom’s Vision 2030, which aims to transform the Kingdom into a world-leading industrial power.
established historical relationship
The visit comes as a continuation of the established historical relationship between the two countries for more than 70 years, based on mutual respect and joint cooperation, and has included numerous reciprocal visits between the two leaders, resulting in the signing of the Double Taxation Avoidance Agreement in 1997 and the Investment Promotion and Protection Agreement in April 2021. Additionally, the Saudi Federation of Chambers of Commerce and Industry signed a memorandum of understanding with the Saudi Federation of Chambers of Commerce and Industry in 2022. The Arab-Belgium-Luxembourg Chamber of Commerce and Industry establishes the Saudi-Belgium-Luxembourg Business Council. Aiming to strengthen trade and investment exchanges between the two countries.
non-oil trade
Non-oil trade between Saudi Arabia and Belgium reached SR16 billion in 2024, with chemicals, plastics, rubber, fuel and mineral oil leading Saudi exports, while the main imports from Belgium included pharmaceuticals, chemicals, optical equipment and food.
For more than 20 years, the Saudi Basic Industries Corporation (SABIC) has played a vital role in strengthening the investment relationship between the two countries through investments in facilities that support the production of advanced plastics and chemicals in Belgium, totaling over SAR 536 million. In return, the Belgian company is investing an estimated $315 million in the aluminum sector to strengthen its presence in Saudi Arabia.
The progress Belgium has made in the pharmaceutical, chemical and medical industries intersects with the goals of the Kingdom’s National Industrial Strategy, which focuses on localizing production in these key industries, strengthening supply chains and expanding the industrial export base.
Saudi Arabia: the ideal destination
Vision 2030 and the National Industrial Strategy with its programs and enablers will contribute to the improvement of the industrial investment environment, increasing its attractiveness and competitive advantage, in particular its geographical location, advanced industrial and logistics infrastructure of 42 industrial cities, integrated advanced manufacturing systems, talented young human resources, Unique strategic factors, such as abundant natural resources and competitive energy prices, make Saudi Arabia an ideal destination for international investors and support the establishment of effective investment partnerships, in addition to the high-quality opportunities it offers in many priority industry sectors. Between Saudi Arabia and Belgium.
