Saudi Arabia explores investment opportunities in lithium and copper production with major Chinese companies

Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, discussed with Chinese mining companies today enhancing cooperation in the mining sector, and joint investment opportunities in processing and producing lithium used in electric car batteries, and processing and refining copper, in the presence of Dr. Abdullah Al-Ahmari, Assistant Minister of Industry and Mineral Resources for Planning and Development, Eng. Saleh Al-Salmi, CEO of the National Center for Industrial Development, and Eng. Majed Al-Arqoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON).

Al-Khorayef discussed with the Chairman of the Board of Directors of General Lithium Corporation, the Kingdom’s targets in the electric car manufacturing sector, the qualitative investment opportunities available in the sector, and the importance of developing joint cooperation and transferring knowledge and innovation in the mining sector, especially in the field of lithium production and processing. He stressed the Kingdom’s intention to become a global center for the production of electric vehicles, and its aim to develop the electric vehicle industry to produce 500,000 electric vehicles annually by 2030, as part of the commitment to localizing the entire value chain, developing the infrastructure for the electric vehicle industry in Saudi Arabia, and becoming a center for its export. The automotive industry is one of the most promising sectors that the National Industrial Strategy has focused on developing, transferring knowledge, innovative solutions and advanced technologies to, including focusing on manufacturing environmentally friendly cars, including electric cars. Last year, the Kingdom issued a license for the first Saudi brand for manufacturing electric cars, “Ceer”, and the first factory in the Kingdom for manufacturing electric vehicles, “Lucid”, was opened. Ceer, a joint venture between Taiwanese technology group Foxconn and the Saudi Public Investment Fund, concluded an agreement worth $1.3 billion to build an electric car complex in King Abdullah Economic City, scheduled to begin production by 2025. The official visit of the Minister of Industry and Mineral Resources to the People’s Republic of China coincides with a previous visit that included discussions last month with the Republic of Chile, which is the second largest producer of lithium in the world, aimed at enhancing cooperation in the field of producing this metal, the basic component of electric car batteries. Regarding investment opportunities in copper processing and refining, Al-Kharif met with the Chairman of the Board of Directors of Jiangxi Copper Company, which operates in the field of copper extraction, smelting and refining, and plays a pivotal role in the global copper industry, and leads innovations and sustainability initiatives to meet the growing demand for copper around the world.

On the other hand, he held a series of bilateral meetings with leaders of major companies in the field of smart manufacturing solutions, infrastructure development and packaging, which discussed mutual investment opportunities in these sectors, and the capabilities and incentives provided by the Kingdom to industrial investors.

He also met with the Chief Strategy Officer at Biwin, and discussed with him cooperation opportunities in the packaging sector, and met with the CEO of Guangzhou HeyGears, which specializes in applying 3D printing technology and creating comprehensive smart manufacturing solutions in multiple sectors, including consumer electronics, dentistry, healthcare, industrial, artistic and creative products, as it provides technical support services in more than 30 countries and regions across the United States and the continents of Europe and Asia. The Minister of Industry and Mineral Resources discussed with the CEO of Huawei Mining, Oil & Gas and Chairman of Huawei Saudi Arabia, initiatives to enhance digital skills and the potential to implement advanced technologies, such as the Internet of Things, artificial intelligence, and robotics, to improve manufacturing efficiency and productivity. The Minister of Industry and Mineral Resources’ meetings with heads and officials of a number of institutions and private sector companies in China come within the framework of his official visit to the People’s Republic of China, as part of an economic tour of East Asia that includes China and Singapore, during which His Excellency will head a delegation from the Mineral Resources Industry System; with the aim of strengthening bilateral ties, attracting qualitative investments to the Kingdom, and searching for mutual investment opportunities in the industrial sector.