Riyadh, Kingdom of Saudi Arabia, Feb 11 – Saudi Arabia’s Minister of Industry and Mineral Resources, His Excellency Bandar Al Khorayef, is set to lead an official delegation to Belgium aimed at advancing industrial cooperation, strengthening trade ties, and highlighting investment opportunities.
Between the 11-12th February, the visit will build on more than seven decades of diplomatic relations between Saudi Arabia and Belgium, which have maintained a high level of mutual respect and steady diplomatic engagement. Over the years, the two countries have engaged in several cross-country exchanges that led to the establishment of a Double Taxation Agreement in 1997, and the Protection of Investments Treaty in April 2021.
His Excellency’s latest visit reflects the Kingdom’s ongoing efforts to deepen international partnerships in line with Saudi Vision 2030, as it aims to boost economic, trade, and investment cooperation in the industrial and mining sectors. In recent years, bilateral trade between the two nations has seen relative success but still presents opportunities for growth. Non-oil trade reached over USD$4 billion in 2024 with chemicals, plastics, rubber, and mineral fuel and oils, emerging as top exports from the Kingdom. In parallel, top imports from Belgium to Saudi Arabia included pharmaceutical products, chemicals, nuclear appliances, and organic produce such as vegetables, fruit and nuts.
For more than two decades, Saudi Basics Industries Corporation (SABIC), a globally renowned petrochemicals manufacturer, has played a central role in bolstering Saudi Arabia and Belgium’s bilateral ties. The company operates several facilities in Genk, supporting the production of advanced plastics and chemicals valued at a combined investment of over USD 143 million. Conversely, Belgian companies have deepened their presence in the Kingdom, investing approximately USD 315 million in its aluminum sector.
Belgium’s advancement in the pharmaceutical, chemical, medical, and manufacturing sectors aligns closely with Saudi Arabia’s own National Industrial Strategy which aims to localize production, strengthen supply chains, and expand the Kingdom’s export footprint.
While in Belgium, His Excellency will meet with senior government officials including Deputy Prime Minister, David Clarnival, who also serves as the country’s Minister of Employment, Economy and Agriculture and Eleonore Simonet, Minister of the Middle Class, Self-Employed and SMEs, as well as members of the European Commission. Additionally, Al Khorayef, will engage in dialogue with senior leaders from global organizations such as Pfizer, and Agfa Healthcare, with discussions expected to center on opportunities in manufacturing, healthcare procurement, and human capital development.
With an estimated USD$2.5 trillion in mineral wealth and major reforms under the Mining Investment Law, the Kingdom is rapidly emerging as a premier critical mineral’s hub for advanced manufacturing operations and the global energy transition. As a result, Saudi Arabia has established a global standing as an investment destination of choice for minerals and mining opportunities, complementing Belgium’s own reputation in Europe of being a logistics and industrial powerhouse.
Since Saudi Arabia announced its Vision 2030 roadmap in 2016, it’s become increasingly appealing to international investors due to its world-class industrial capabilities, logistics infrastructure and advanced manufacturing ecosystem. The Kingdom has continued to invest heavily in its industrial landscape, underpinned by its National Industrial Strategy that outlines localized production, enhancement of supply chains, and advanced technology as drivers for economic growth.
Maximizing the adoption of Fourth Industrial Revolution (4IR) technologies, the Kingdom currently boasts 42 advanced industrial cities, backed by the unique advantage of a young, highly skilled population where two-thirds of citizens are under the age of 35.
The Minister’s delegation comes as both Saudi Arabia and Belgium continue to expand international collaboration. In 2022, the Federation of Saudi Chambers, signed a Memorandum of Understanding (MoU) with the Arab-Belgian-Luxembourg Chamber of Commerce to establish the Saudi-Belgian-Luxembourg Business Council, which aims to increase bilateral trade, investment, and technology transfer prospects between each country.
The upcoming engagements in Brussels, reinforce the Kingdom’s commitment to advancing Saudi Arabia and Belgium’s shared vision for industrial competitiveness, increased investment and long-term economic growth.