Saudi Arabia`s Ministry of Industry and Mineral Resources recently hosted the Malaysian Ministry of Investment, Trade and Industry in Riyadh. Their discussions focused on ways to strengthen bilateral economic relations and develop cooperation in the industrial sector.
Incentives and Opportunities Available To Facilitate Investments
During the meeting, opportunities were explored with the aim of promoting joint investments between both countries. Accordingly, officials discussed available incentives to facilitate both the investor journey and high value investment opportunities available in the Kingdom. In addition, talks also covered the goals of Saudi Vision 2030 which are aimed at diversifying the national economy. Further topics included the National Industrial Strategy and its role in boosting Saudi`s manufacturing capabilities, enhancing local content and advancing priority industrial sectors targeted for development.
Saudi`s Strategic Geographic Location Connects Three Continents
Most importantly, the meeting highlighted the Kingdom’s strategic advantages that position it as a globally attractive investment destination. For example, its geographic location connecting three continents, abundant natural resources, streamlined government procedures, competitive energy prices and advanced infrastructure.
The Kingdom Hosts Fourth Saudi-Spanish Joint Commission in Riyadh
In associated news, the fourth edition of the Saudi-Spanish Joint Commission was staged in Riyadh. During the event, the Saudi Ministry of Economy and Planning and the Spanish Ministry of Economy, Trade and Business discussed regional and global economic developments while identifying areas of mutual interest. Most importantly, they signed a memorandum of understanding (MoU) to exchange expertise and enhance economic relations. Notably, the agreement outlines selected areas of cooperation including economic modelling, policymaking and supporting small and medium-sized enterprises (SMEs) through joint partnerships and programmes. Further initiatives target the facilitating of joint projects and bilateral participation in economic events. In addition, it also covers the exchange of information and statistics in areas such as industry, technology and innovation.
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